What is BitCar? Cryptocurrency & exotic cars
Crypto Finder sat down with Charles Kilborn, to get the lowdown on BitCar and the vehicles it hopes to have on offer.
BitCar hails from Perth, Western Australia and was founded by the team behind energy trading company Power Ledger. BitCar is the first platform in the world that allows you to own and P2P trade fractions of an exotic car using cryptocurrency.
Interview from Blockchain Week London. 23rd January 2018.
Check out our second interview on why you would use BitCar
Check out our third interview on the future of BitCar
Read the transcript:
I'm Charles Kilborn – the person handling international engagement, that is sales and corporate infrastructure and integration of technical and corporate infrastructure for BitCar.
It's basically the concept of fractionalising interest in high-end super exotic cars. So it's really almost fractionalising an interest and an asset class in and of itself.
Most people don't realise that high-end super and exotic cars are a very good performing asset class. In fact, it's outperformed the S&P 500 gold, silver or real estate investment trusts and a lot of institutional equity for over ten years running.
Unfortunately, a very, very small, less than a fraction of a percent, have access to this class because of the barrier to entry being millions of dollars. So our thought is to fractionalise the ownership of these vehicles and bring it down to the middle market so that the average person can invest, or I should say, purchase this ownership interest.
So can you give me some examples of what these cars might be?
So an example might be a Ferrari, or an Enzo, or a McLaren F1. Cars that are very, very rare ... limited manufacturing supplies. And so these vehicles carry very imbalanced supply and demand ratios from the onset.
We are interested in classic cars as well, you know. A very limited supply of those cars have a very big impact on the market as well. We've had classic cars sell for seventeen million dollar increases over a five year period. So it's just a very unique and very interesting market for the average person to consider.
And are these cars that are owned by people who are selling shares in that car? Or do they come from the dealership?
It would be a combination of all of the above. We've established relationships with collections, and of course a lot of those things people have gotten in line with the manufacturers for the next vehicles that come out. So we've spent a lot of time developing those relationships so that we can have access. Because, it's not just money. You actually have to know people who know people to make that happen.
And are there any perks to this beyond knowing that you own this part?
Yes. You know, it would be sad if not, but yes we have VIP user experience related perks. There will be all kinds of events for users and our owners to interface with their vehicles.
And we'll have events related to track days, not with the platform cars but with other high-end calibre cars like a Lamborghini Huracan or something that they can get out and enjoy the experience a bit. But we will not be doing track days with the platform vehicles though.
So if I owned the exhaust pipe I can do more than just touch the exhaust pipe?
Yes, yes. You would be able to. The exhaust pipe might be a lot more expensive than the average person might think as well, but yes so to speak.
Also we have a lot of press coming up and will be releasing information about the BitCar, being it's "sort of" an expanded economy. People will be able to use BitCar tokens to buy other things outside of a platform and that will be very unique to BitCar owners.
Can you give us some examples?
Sort of, without giving it away. But just possibly having access to exclusive purchasing opportunities within certain vehicles or things like that are very exclusive to the BitCar token.
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