Tomcar Australia is causing a stir this month both in automotive news and the emergence of digital currency. The startup Australian off-road vehicle manufacturer announced that in addition to good old fashioned Aussie dollars, they will now also accept payment for their products via Bitcoin.
David Brim, Tomcar Australia Co-Founder and CEO is a firm believer in the ethos behind the concept of the “Bitcoin Economy”.
“As Australia’s first new mass production car manufacturer in over 30 years, our business is based on disrupting the old system. To be a truly innovative auto manufacturer, it needs to be about more than what you make. It needs to transfer through the entire company system, your supply chain, distribution, and now even payment systems such as Bitcoin," Brim says. (1)
Brim believes that processing his business transactions with Bitcoin does more than generate publicity; it also saves his company, business associates, and customers money.
Tomcar uses Bitcoin to pay their overseas suppliers, which cuts out both currency trade and transaction costs. Accepting Bitcoin as a form of payment from overseas customers again does away with exchange rates and international credit card fees. Since all of Tomcar’s sales are conducted online to eliminate the price of having to run a brick and mortar dealership the savings ad up.
“Credit cards are expensive, with a 5% fee. With Bitcoin, the fee is tiny, it’s just .003%, so we can save on the merchants transaction itself,” says Brim.
All of Tomcar Australia’s Bitcoin transactions are calculated in realtime by payment processing company CoinJar. Tomcar is guaranteed to receive the precise amount it charges at the time of purchase which in turn protects them against changes in a Bitcoin’s value.
Aside from their edgy business model, Tomcar definitely looks like they know how to pump out a variety of man-toy off-road machines, designed for defense, agribusiness, mining, emergency services, and of course - recreational mischief.
If their four-seater party buggy is as fun as it appears I’d be happy to see a few Bitcoin donations in my online stocking this Christmas.