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Mecum Auctions will allow you to buy this vintage car with cryptocurrency

By on May 21, 2021 0

Mecum has just become the first classic car auction house in the world to add cryptocurrency as a payment option. The company that calls itself the world’s largest classic car company has partnered with BitPay, a Bitcoin and cryptocurrency payment service, for in-person purchase settlements.

“We’ve already asked a buyer to make an immediate transfer of their crypto wallet,” Sam Murtagh, COO of Mecum Auctions, said on day one of the company’s flagship Indianapolis auction at the mid-May, which will see 2,200 vintage vehicles cross the block. “More and more people are using cryptocurrency every day. It’s much bigger than people might think. “

He says this payment option will help Mecum attract new customers and sales by opening the doors to the vast crypto market. “Registered bidders will have the ability to pay with cryptocurrency and, perhaps more importantly, online bidders will now have the convenience of an end-to-end digital experience from the comfort of their homes.”

Murtagh says the speed of cryptocurrency transactions eliminates the time to set up a money transfer, with many financial institutions closed on weekends when auctions are in progress. “It is borderless and allows an overall smoother process. The future opportunities are endless. “

BitPay CEO Stephen Pair believes this opens the door to the future. “Mecum Auctions realizes the potential of crypto to revolutionize the classic car auction industry, making payments faster, more secure and cheaper globally. Our goal is to make the acceptance of crypto a seamless process and increase its adoption, because crypto is the future of payments. “

More and more people are using cryptocurrency every day. It’s much bigger than people might think.

Mecum has been running auctions across the United States since 1988. COO Murtagh says auctions have been back in force since last July, with social distancing and masking requirements in effect. But the pandemic has opened the company’s eyes to providing more services to digitally enhance any auction experience, and the cryptocurrency payment option is one of them.

“The classic car market is on fire,” he says. “The sales rates that were 65 to 75 percent are now 85 to 90 percent, with very high prices.”

He says the auctions attract a huge international audience, but travel is difficult. Providing enhanced digital experiences for internet and phone auctions makes the buying process easier.

Main attractions of the Indy 2021 event include a 1936 Duesenberg, the last of the company’s 487 Model J to roll off the assembly line, and in fact the last complete car ever to be ordered and sold by Duesenberg while in production. operation.

The Rollston-bodied Model J sedan convertible was built for Coca-Cola President Conkey Whitehead. It is expected to bring in between US $ 3.5 million and US $ 4 million.

1971 Plymouth Hemi ‘Cuda convertible auctioned at Mecum’s Indy 2021 event


Mecum auctions

Another collector car that will make big money is one of 12 Plymouth Hemi ‘Cuda convertibles built in 1971. It is expected to fetch up to US $ 6.5 million.

The auction at the Indiana State Fairground in Indianapolis runs through May 22.