Frequently Asked Questions

How do we know the BitCar team aren't driving the cars?
All platform cars are looked after BitCar's verified third party agents - they're bound by a strict Agent’s Agreement that dictates the terms to which the cars need to be kept. Agents are heavily punished for breaking this agreement. Additionally, BitCar's platform cars will be stored in multiple locations around the world, including publicly viewable areas such as airports, museums and showrooms.
Where will the cars be kept?
Cars will be sourced, stored and maintained by BitCar's verified third party agents who will be located around the world. It is likely that the car will be stored in the jurisdiction in which it is acquired. Over time, BitCar hopes to acquire a portfolio of Exotics around the world.
Costs to maintain collectable cars are very high, especially when they're not being used... is this taken into consideration?
Yes - maintenance, storage and insurance are all costs that have been taken into account and will be fractionally levied across all CAR token purchases.
Who and what are the agents?
BitCar's third party agents are responsible for the sourcing, acquisition, tokenisation, storage and maintenance of the Exotic cars. They will be third party individuals or organisations that meet BitCar's verified agent criteria.
What is BitCar?
BitCar opens up the Exotics (rare and exotic hyper, super and classic cars) asset class to everyone in the world, allowing anyone to purchase an interest and or trade in different Exotics. BitCar is opening up the door to traditional car ownership of Exotics. The P2P trading platform is only the very first installment to the BitCar decentralised platform. The automotive industry is set to be disrupted and BitCar, after two years of research and development with top legal firms in the industry, is set to take the automotive industry by storm. Historically the ownership of rare and exotic hyper and super cars (known as ‘Exotics’) and classic cars have been limited to the very wealthy, until now.
What are BitCar tokens used for?
BitCar tokens allow Users to acquire, licence and trade Exotics on the platform. BitCar tokens will be used over the course of the acquisition of the Exotic for storage, insurance, licensing and maintenance as part of joint ownership.
How long are the Exotics kept on the platform?
Exotics are kept on the Platform for a minimum of 5 years. CAR token holders can then use BITCAR tokens to democratically vote on a sell-date, or to extend the holding period of the Exotic (this can be done until a maximum term of 15 years is reached).
Do I get to choose which Exotics I have a fractional ownership in?
Yes - you can decide which individual exotic you attain part-ownership in, as long as it’s on the BitCar platform. This can be in one individual Exotic, or multiple Exotics of your choice. Fractional ownership in an Exotic will be represented by a CAR token.
How can I prove my fractional ownership in an Exotic?
Owners receive an immutable digital asset blockchain ledger record confirming their title, independently verifying their interests on a public Blockchain that will be used.
Aren’t cryptocurrency prices generally volatile?
With BitCar, the platform allows users to move cryptocurrency into hard assets backed by a tokenized Exotic Car.
What market is BitCar disrupting?
BitCar opens up an exclusive asset class to everyone for the first time. Classic cars have gained 404% in value over the past 10 years according to the latest Knight Frank Luxury Investment Index, and now everyone can have access to this asset class through fractional ownership. Not only can users own fractions of Exotics, but can peer-to-peer trade these interests on the BitCar Platform.
Isn’t waiting 5 years before selling the first platform car a long time?
All CAR interests can be P2P traded at any time between willing buyers and sellers. 5 years is a good period of time to allow for potential appreciation of Exotics. The value of the BITCAR token is not related to this, it is related to the demand for the BITCAR token, which in turn is linked to the uptake of the BitCar Platform and other factors.
If I buy BITCAR tokens during the Token Generation Event, why do I have to buy another CAR token to be able to have fractional ownership in an Exotic?
Like many ICO’s, the BITCAR token is indeed a utility token and it is correct to say there are no rights that come with purchase of a BITCAR token. You need BITCAR to buy and hold CAR tokens - the design of dual tokens systems is very common. The BITCAR token also serves multiple uses on the platform: Agents tokenize Exotics onto the platform and require BITCAR tokens to do so. Buyers of the CAR tokens require BITCAR tokens to access and pay for the CAR tokens, and also require a balance of BITCAR tokens to be escrowed for future costs associated with the Exotic Cars (MSI). An amount of BITCAR tokens is permanently assigned to the CAR tokens until the Exotic is sold and distributed back to the CAR token holders.
Why do I need to hold a minimum amount of BITCAR tokens to use the BitCar platform?
Buyers of the CAR tokens require BITCAR tokens to access and pay for the CAR tokens, and also require a balance of BitCar tokens to be escrowed for future costs associated with the Exotic Cars (MSI). An amount of BITCAR tokens is permanently assigned to the CAR tokens until the Exotic is sold and distributed back to the CAR token holders.
Why should I purchase BITCAR when I cannot drive the cars? If I’m buying a fraction of a Lamborghini I expect to drive it.
These are highly collectable Exotic cars and are treated as pieces of art - they’re generally not driven. Most of us cannot afford to own a Lamborghini or similar multi-million-dollar cars, which is where fractional ownership disrupts this market entirely. Further, our research indicated that owners of these cars would not like other co-owners to drive them. Instead the Exotics are coveted, displayed as beautiful artworks and eventually returned to the market.
Why would you put money towards owning a "virtual car" - wouldn’t you rather own a physical car?
The BitCar platform caters for the finest high-end collectible Exotics often worth millions of dollars that the vast majority cannot afford to own. Fractional ownership through the BitCar platform opens up this possibility to everyone. The crypto may be virtual but the asset backing it is real. The CAR token will be one of the few tokens backed by real assets.
Isn’t this a small target demographic, and a solution that has no need for blockchain?
The market is not small at all, in fact it is very large. In the BitCar Whitepaper we indicate that there is estimated to be between $15-26 billion of Ferrari’s alone. There are many other excellent brands as well such as Lamborghini, Aston martin, McLaren, Porsche, Mercedes Benz. It would be very possible to get to several billion dollars of high quality Exotics. Blockchain technology is essential to ensure all the interests in the Exotics are transparent, secure and settled immediately.
Why purchase fractional interests in something that is going to depreciate the older it gets?
The Exotics selected for the BitCar platform are rare, desirable and may appreciate over time - most of them certainly will have over the last decade. BitCar Agents will research and select the finest and rarest Exotics only.
Will BitCar be buying the Exotics?
A network of Agents will manage the onboarding of new Exotics. This includes the purchase of the Exotic assets, tokenisation and listing on the platform, maintenance, storage and insurance, administration and de-registration.