Ferrari’s to Adopt Cryptocurrency Payments in the United States
The choice made by Ferrari to embrace cryptocurrency payments was motivated by market demand and requests from its dealers, as a result of a substantial number of customers showing interest in digital currencies and investing in them.
Ferrari is responding to customer demand by introducing cryptocurrency payments for its high-end sports cars in the United States. The luxury automaker is also extending this initiative to Europe.
In an article dated October 14, Reuters reported that Ferrari’s Chief Marketing and Commercial Officer, Enrico Galliera, officially confirmed the luxury brand’s intentions. The decision to embrace cryptocurrency payments by Ferrari is a response to market demand and dealer requests. Many clients, including tech-savvy young investors, have invested in digital currencies, prompting this move.
“This will help us connect to people who are not necessarily our clients but might afford a Ferrari,” he stated.
While the specific number of cars that Ferrari anticipates selling through cryptocurrency payments was not disclosed by Galliera, he did mention that the company’s order book is already filled until 2025. Ferrari is looking to explore this expanding market as a means to connect with potential buyers outside its usual customer base.
The luxury car manufacturer aims to roll out cryptocurrency payments in Europe by the first quarter of 2024, with plans to expand to other regions that are crypto-friendly in the future.
Europe, the Middle East, and Africa (EMEA) represent Ferrari’s primary market region, contributing to 46% of its overall car shipments in the first half of this year.
Galliera stated, “interest is the same in the U.S. and Europe, we don’t see huge differences.”
As per Galliera’s remarks, the utilisation of cryptocurrency for payments will not incur additional fees, surcharges, or extra costs. However, the exact quantity of vehicles projected to be sold using this new payment method was not disclosed by the Ferrari executive.
BitPay will additionally authenticate the authenticity of the digital currency, guaranteeing that it has no connection to unlawful activities, financial impropriety, or tax avoidance.
“This was one of our main goals: avoiding, both our dealers and us, to directly handle cryptocurrencies and being shielded from their wide fluctuations,” Galliera said.
Galliera said that most of its dealers in the United States have either already enrolled in the program or are on the verge of doing so.