Announcing a Return to our Roots: The All-New Bitcoin Magazine

Tomcar Australia: World’s FIRST Original Equipment Car Manufacturer to Accept

by

         Tomcar Australia: World’s FIRST Original Equipment Car Manufacturer to Accept

Today, CoinJar, Melbourne-based Bitcoin payments provider, announced Tomcar’s decision to accept Bitcoin in payment. Tomcar Australia is now the world’s first original equipment car manufacturer to accept Bitcoin.

Tomcar Australia’s Co-Founder & CEO, David Brim, highlighted the similarities between Bitcoin and Tomcar. According to Brim, Tomcar “disrupts the old system” just as Bitcoin provides around traditional payment methods. Tomcar has been in the business of manufacturing unique commercial off-road utility vehicles for over 30 years. Bitcoin will inevitably open up the door for greater growth potential and possibilities for Tomcar and additional equipment manufacturers in the future.

Tomcar Australia and Coinjar issued the following joint press release:

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

Melbourne, Tuesday 5 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 Goods and Services Tax (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.

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.

Bitcoin Magazine congrats Tomcar and CoinJar on their new partnership and looks forward to continual new “firsts” in the Bitcoin ecosystem.

 

Recommended

Ten Years Later, a Reflection on Bitcoin’s Genesis and Satoshi’s Timing

Rather than focusing simply on what the genesis block is, today is a day to reflect on what the genesis block represents.

Colin Harper

Op Ed: From Gray To Black and White: Traditional Regulations Come to Crypto

For the crypto industry, recent developments — at both the federal and international levels — signal that the time for plausible deniability or unregulated freedom is coming to an end and more traditional regulations are moving to the forefront.

Courtney Rogers Perrin and Joshua Lewis

Bitcoin Price Analysis: Blowing Through Support Levels on the Way to $3,000

Bitcoin continues to tumble lower and lower as it struggles to claim any footing in the market. It’s down almost 50% in three weeks and it’s showing very little sign of stopping. It’s currently clutching onto the $3,500 values but it doesn’t look like it can hold on much longer.

Bitcoin Schmitcoin

Op Ed: SEC’s Latest Declaration Creates Legal Minefield for Digital Assets

This broad, authoritative declaration is not unexpected, as, to date, the SEC has stated that all digital assets — regardless of whether they function as alt coins or utility tokens — are securities at least initially and, thus, subject to its jurisdiction.

Huhnsik Chung and Nicholas Secara