Beepi Becomes First Peer-to-Peer Marketplace to Accept Bitcoin Payments for Cars
Teams up with BitPay to increase flexibility and remove friction from the payment process
Company also launches Instant Loan Pre-Approval Service at Check-Out LOS ALTOS, CA --July 8, 2014: Beepi, the leading platform to seamlessly buy and sell pre-owned vehicles, today announced that it has integrated with BitPay, a bitcoin payment processing service, to become the first peer-to-peer marketplace to allow its users to purchase cars with bitcoin. In addition, the company will also offer prospective buyers pre-approval for loans at check-out. Adding bitcoin as a payment option and instant pre-approval for car loans are the next logical steps for Beepi, a company founded with a goal of eliminating friction at every step of the buying and selling process.
“The $300 billion used car marketplace has experienced little to no innovation in decades and we’re excited to lead this change. Beepi first eliminated the hassle of working with car salesmen and now we’re taking the frustration out of payments”
“The $300 billion used car marketplace has experienced little to no innovation in decades and we’re excited to lead this change. Beepi first eliminated the hassle of working with car salesmen and now we’re taking the frustration out of payments,” said Ale Resnik, Co-Founder & CEO of Beepi. “Integrating with bitcoin is a natural extension of our promise to deliver the easiest way to purchase a car in the 21st century.”
Much like Tesla Motors, Beepi continues to reshape the antiquated process of buying a car – a person’s second largest financial purchase – by removing complex barriers. Once a customer selects “check-out” on the Beepi site, they will then be prompted to click “payment options” and can select the bitcoin icon to purchase the car with bitcoin. Through Beepi’s partnership with BitPay, the buyer can complete their purchase using bitcoin while the seller still receives cash. Beepi is offering a $1,000 rebate to the first three Beepi buyers who purchase a vehicle using bitcoin with a value over $10,000.
“The automotive industry is at the forefront of bitcoin adoption and we see that trend continuing to grow with companies like Beepi leading the way. The beauty of ecommerce and sites like Beepi is that the inventory of all cars is accessible across the country for purchase as well as expanding the base of potential customers including those who hold bitcoin and are looking for things to buy,” explained BitPay Executive Chairman and Co-Founder Tony Gallippi.
To further streamline the payment process, Beepi will also now offer customers pre-approval for loans and financing from one of its financing partners at check-out. As part of this process, Beepi will pre-approve a customer based on its own proprietary multi-pronged assessment and then work with financial institutions from national banks to local credit unions to secure the loan at a rate lower than 3%. Customers will then sign associated paperwork at the time of the car delivery.
In addition, the company plans to add a QR code option for buyers to purchase a car through their mobile devices. With these initiatives, buyers will be able to pay for any car in the Beepi marketplace with the crypto currency, a bank transfer, cashier’s check or up to six different credit cards at once.
This announcement comes on the heels of Beepi’s recent $5 million round in Series A funding led by Redpoint Ventures. Only 60 days after launch, Beepi has hit $6 million in annual revenue run rate, making it one of the fastest growing startups in Silicon Valley.