The partnership gives businessman Tilman Fertitta's Post Oak Motor Cars the ability to sell luxury vehicles through bitcoin-backed loans
HOUSTON and NEW YORK, Oct. 28, 2021 /PRNewswire/ -- Post Oak Motor Cars ("POMC"), owned by businessman Tilman Fertitta, today announced a partnership with NYDIG, a leading bitcoin company, to integrate bitcoin into the Houston-based luxury auto dealer's business operations. This partnership will allow POMC customers to purchase luxury automobiles financed through loans secured by bitcoin, enable POMC to use its appreciated bitcoin treasury holdings to finance a new expansion, and enable employees to allocate a portion of their paychecks to bitcoin – all powered by NYDIG's secure, regulated, full-stack platform.
POMC also announced that it had sold its first luxury automobile financed with bitcoin: a Rolls Royce Ghost, financed with the customer's bitcoin held at NYDIG.
The collaboration will enable POMC to offer customers access to NYDIG's institutional-grade, 100% cold storage custody solution. Bitcoin holders who don't want to sell their bitcoin will be able to access a portion of its value by borrowing USD using the bitcoin as collateral. The product does not require customers to make any interest payments during the life of the loan.
"In today's rapidly changing financial landscape, we are proud to partner with a firm like NYDIG to offer our customers the ability to finance a car with a loan secured by bitcoin and to offer our employees the opportunity to allocate a portion of their paychecks to bitcoin," said Lonny Soza, General Manager of Post Oak Motor Cars. "NYDIG has a vision to make bitcoin more accessible, and our industry-leading partnership will propel that vision into reality and give our key stakeholders the opportunity to have exposure to sound digital money in bitcoin."
Alongside the partnership, POMC will be leveraging NYDIG's platform to hold its appreciated bitcoin treasury position and efficiently finance an expansion of POMC's footprint. The first bitcoin-financed venture will be a new state-of-the-art POMC location in The Woodlands, TX.
"We are thrilled to work with POMC and grateful for their vision and dedication to bitcoin. This partnership marks an important milestone as we start to help Americans unlock the spending power of their bitcoin through borrowing USD against it without selling their long-term bitcoin holdings," said Patrick Sells, Chief Innovation Officer at NYDIG. "By bringing together the worlds of fiat and Bitcoin, we can usher in an exciting new era of prosperity for bitcoin holders."
About Post Oak Motor Cars:
Post Oak Motor Cars is home to Bentley, Rolls-Royce, Bugatti, Karma and Rimac Houston. The dealership creates a unique automotive experience unrivaled by any other luxury retailer. The showroom is part of The Post Oak Hotel at Uptown Houston, the city's first elite destination for elegant accommodations and high-rise living, masterfully blended with extensive meeting space, designer retail, fine dining at Mastro's Restaurant and sophisticated amenities all in one tower.
At Post Oak Motor Cars, we create luxurious experiences that enable our customers to travel through their lives with style, power and purpose. Our staff is committed to listening to the needs and desires of our clients to help them find the perfect motorcar to fit their lifestyle. After the sale, the service and parts department carries on the same personalized service, committed to any maintenance or repair needs including oil changes, brake repairs, tire replacements, major repairs and more. For more information, visit www.postoakmotors.com
About NYDIG
NYDIG is a bitcoin company powering a more inclusive economic system. Delivering technology and financial services to banks, fintechs, insurers, and corporations, its full-stack bitcoin platform is built to the highest security, regulatory, and operational standards. NYDIG is the gateway to a new era of financial products that make bitcoin more accessible for all. Learn more at nydig.com, or connect on LinkedIn and Twitter.
CONTACT
Post Oak Motors
Mary Ann Mason
DPWPR
[email protected]
713-224-9115
NYDIG
Conor Shea
Edelman
[email protected]
SOURCE NYDIG
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