AutoCoin is Canada’s first 100% online car marketplace to buy, sell, and trade vehicles while creating an easy opportunity for investment
Tell us about yourself?
I’m a Toronto native & city dweller that loves to embark on journeys that push the status quo and disrupt how things are done. As a seasoned serial entrepreneur, I’ve been a leading player in the growth of multiple successful tech startups.
I’m also an inducted member of the Forbes Business Council, alongside having been a developer and investor in decentralized finance since 2015.
In my free time, I enjoy learning about exciting new industry trends, investing in the markets, and helping others do the same.
Nothing satisfies me more than building meaningful relationships, solving complex problems, and obsessing over fresh new ideas with like minded individuals
If you could go back in time a year or two, what piece of advice would you give yourself?
Trust your gut, and pursue things from the heart – not because others want you to
What problem does your business solve?
A not-so-great used car buying experience in Canada
What is the inspiration behind your business?
AutoCoin is an e-commerce marketplace that services individuals by leveraging the power of cryptocurrency to purchase, sell, and trade vehicles while creating an accessible opportunity for investment.
The online marketplace will serve as the hub for buyers to select a wide range of products, that include used cars, and as well as recreational & commercial vehicles.
Our guarantee to everyone that works with us is an industry-leading 14-day money-back guarantee with a 90-day, all-in vehicle warranty.
We understand that a big purchase should come with rewards, and are offering a crypto cashback that will earn dividends with each vehicle finance, helping our client pay off their loan sooner, or put their earnings towards their next vehicle.
What is your magic sauce?
AutoCoin is not looking to be another vehicle dealership that still relies on the traditional modes of operating a dealership.
Our aim is to provide an innovative solution to Canadians looking to buy and sell vehicles in a system that has been broken for years – while opening the gateway to accessible investment through their transaction.
Our unconventional use case of crypto cashback allows consumers to gain digital assets which are gaining steady momentum in the market with the purchase of vehicles that depreciate in value over time – which is an unparalleled investment opportunity that has not been implemented anywhere in North America.
What is the plan for the next 5 years? What do you want to achieve?
Our mission is to modernize a market that is in need of dire change by utilizing brand new tools, backed by the security & efficiency of blockchain technology.
We are a team of car-obsessed and consumer-driven players that will always demand fairness in all our business operations.
AutoCoin’s purpose is to become a community-driven platform that excites, and ultimately creates a new gold standard for how you’ll purchase vehicles for years to come.
What is the biggest challenge you’ve faced so far?
For consumers, the challenges do not end there.
Canadians are faced with two non-ideal solutions to purchasing a vehicle today – either they walk into a dealership, where they can expect to spend 4-5 hours and negotiate with a salesperson for a sub-par deal, or they can meet sellers from a classified advertisement site like Kijiji or AutoTrader and purchase a vehicle with no mechanical checks or warranty.
OMVIC has reported a staggering 9% of private auto sales resulting in a claim, with customer confidence dramatically lacking in these transactions.
How do people get involved/buy into your vision?
Our unorthodox goal is to simplify the process of purchasing a vehicle by creating an easy to use platform with last-mile delivery by establishing warehouse hubs in hot spots of Canada catering to a total 400 KM radius from each given facility.
This will allow us to have greater outreach to various parts of the province lacking a brick and mortar business model, thus keeping our fixed operating costs to a minimum.
Our online services will include vehicle financing, options to purchase add-on such as extended warranty and insurance products, and smart contracts will be used to execute each transaction for paying out the crypto cashback on schedule.
AutoCoin will use blockchain as an alternative to traditional contracts to benefit from the transparency and efficient provenance tracking inherent to the technology.
This will enable us to generate revenue from markups on our finance reserve rates, inventory, and the sale of various cross-sells ranging from insurance, scheduled maintenance, and aftermarket warranties.
Dealerships will be charged per transaction on purchasing vehicles and rates will vary based on the cost of the vehicle – this service will be provided at no charge to the seller.