Driveway

Driveway.com is an online automotive retailer that facilitates the buying, selling, financing, and servicing of new and used vehicles. It operates as the e-commerce arm of Lithia Motors, Inc. (NYSE: LAD), one of the largest automotive dealership groups in the United States. This relationship provides Driveway with access to a vast nationwide inventory of vehicles from Lithia's network of over 280 dealerships. The platform was launched in 2021 to modernize the car ownership experience by allowing customers to manage all aspects from home.

The business model centers on providing a convenient, digital-first experience for car transactions. Customers can browse a large inventory of new and used cars, get a guaranteed, no-haggle price for their own vehicle to sell or trade-in, and arrange financing online. The company owns its inventory, which it sells directly to consumers at fixed prices. Revenue is generated from vehicle sales, financing through a network of partner lenders, and the sale of vehicle protection and maintenance plans. Driveway also offers vehicle servicing, where they can pick up a customer's car, have it serviced at a professional center, and return it.

The platform's key features include a 100% online purchasing process, no-haggle pricing, home delivery, and a seven-day or 400-mile money-back guarantee on vehicle purchases. For sellers, Driveway provides an instant cash offer for their vehicle, which is valid for seven days. The company's captive finance division, Driveway Finance Corporation (DFC), offers financing options to consumers.

Keywords: online car retailer, vehicle e-commerce, used car marketplace, new car sales, sell car online, trade-in vehicle, automotive financing, vehicle servicing, no-haggle car pricing, home vehicle delivery, Lithia Motors, digital automotive, car buying platform, auto loans, vehicle trade-in, online dealership, certified pre-owned, automotive retail, e-commerce automotive, vehicle maintenance