Beepi, the first peer-to-peer car marketplace to accept bitcoin as a payment option offers a revolutionary way of buying and selling used cars. Having been in business for about a year, the company has received many favourable reviews.

Last year, the company announced integration with BitPay, a bitcoin payment processing service, which enabled customers to purchase cars with the digital currency. As it was stated in the press release, Beepi was founded “with a goal of eliminating friction at every step of the buying and selling process”.

The Silicon Valley start-up revolutionised the outdated process of buying and selling used cars. The company eliminated the middleman from the car sales process and replaced it with a fast and efficient peer-to-peer system. The seller can list cars for sale on the website and get a price that is guaranteed to be a $1,000 higher than a dealership offer. Before the car is listed, Beepi sends out an inspector who gives the car a 185-point detailed check and test-drive it. Beepi will try to sell the car for the next 30 days and will buy it directly if there are no interested buyers on the marketplace. The company takes 9% from the selling price in return for the service.

For those customers who seek to buy a car, Beepi delivers cars to the doorstep for free and gives customers 10 full days to decide whether they are fully satisfied with the vehicle. “Take your time and fall in love. If not, we'll come pick it up, for a full refund,” the company suggests on the official website. Surprisingly, the car is usually wrapped with a huge red bow. The delivery is free in California, Arizona, Texas and Florida, while in Nevada, Oregon, Washington, Utah, Colorado and New Mexico it costs $999.

In addition to bitcoin, the company offers a wide range of payment options and provides their customers with huge credit card bonus rewards.

Founded by Ale Resnik, CEO, and Owen Savir the company is a brand new player on the car sales market. In April 2015, the company received $5 million investment from Redpoint Ventures. The company had previously raised $1.2 million in seed funding.

Daria Petushkova