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Tomcar Australia is world's first car manufacturer to accept Bitcoin

Announcement posted by Tomcar Australia 06 Nov 2013

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Tomcar Australia is world's first car manufacturer to accept Bitcoin

Melbourne Wednesday 6 November: Tomcar Australia has become the world's first original equipment car manufacturer to accept Bitcoins, through a partnership with bitcoin payments provider CoinJar.

Customers at Tomcar Australia's new online store can buy vehicles, parts and merchandise with either Australian dollars or bitcoins, a global, digital currency. Customers simply select bitcoin as a payment method, and the transaction goes through CoinJar's payment Gateway.

Mr David Brim, Tomcar Australia Co-Founder & CEO, says they are a strong supporter of the Bitcoin economy, as it allows overseas transactions with less fees and exchange rate fluctuations.

“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," Mr Brim says.

Tomcar sees its role as new car manufacturers as helping redesign the auto ecosystem. Mr Brim believes the auto sector needs considerable systemic change.

"Bitcoin helps us reduce the inherent costs involved in international trade. Tomcar Australia already uses Bitcoin to pay a growing number of overseas suppliers. Our manufacturing partner, MTM is also actively exploring using Bitcoin to do this as well. If we use Bitcoin ourselves, it makes sense to accept it from customers too," Mr Brim says.

Transactions made in Bitcoins still include GST. The bitcoin exchange is calculated in realtime and reconciled by CoinJar so Tomcar Australia gets the exact amount it charges.

Asher Tan, Co-Founder of CoinJar says it's a smart move for companies like Tomcar Australia to embrace new consumer trends.

"The Bitcoin economy is here. It's becoming an increasingly mainstream currency, with companies such as Wordpress and Chinese internet giant Baidu accepting it. Australia is one of the largest markets for Bitcoin users outside the US, and it makes excellent sense to respond to that growing demand," says Tan.


Press contact:

Caroline Shawyer, The PR Group

T: +61 (0) 401 496 334

E: caroline@prgroup.com.au

About Tomcar

Tomcar Australia manufactures unique commercial off-road utility vehicles. They are specifically designed for defence, agribusiness, mining, emergency services and recreational purposes. Tomcar Australia sells directly through the internet to customers rather than relying on legacy dealer networks. Tomcar commenced manufacturing in Melbourne, Australia in late 2011, as part of a strategic partnership with tier one automotive components supplier MTM. It is the first Original Equipment auto Manufacturer (OEM) to set up operations in Australia for over 30 years, and sees highly skilled niche manufacturing as the future of Australian manufacturing. www.tomcar.com.au

About CoinJar

CoinJar is a Melbourne-based bitcoin payments provider bridging the divide between digital currency and the dollars in your wallet. www.coinjar.com

About Bitcoin

Bitcoin, first introduced as a concept in 2008, is a distributed peer-to-peer digital currency that functions without a central authority.  Bitcoins are generated by computers performing complex mathematical calculations. They are held in digital "wallets" and can be used to transact for different products and services.