Driveway, reimagining the way consumers shop for and finance vehicles online, announced today three powerful new features now live on driveway.com. Driveway’s upgraded shopping experience enables customers to shop and filter vehicles by monthly payment, customize a payment with a new budget and payment calculator and achieve a higher likelihood of credit approval with an AI-based feedback tool.
“Driveway’s three new features promote transparency and address customer desires to better understand affordability,” said Bryan Deboer, President and CEO at Lithia & Driveway (LAD). “Financing is one of the most complex components of the vehicle buying process and these Driveway features allow the customer to solve for their financing needs quickly, easily and independently.”
Shopping by Monthly Payment
Driveway’s shopping experience makes it easy for shoppers to navigate and find inventory based on monthly payment. Customers can now filter Driveway’s nationwide inventory by price or monthly payment making it much faster to choose a vehicle that fits their budget.
Budget and Payment Calculator
After selecting a vehicle, customers can immediately personalize a payment with Driveway’s new budget and payment calculator. This feature allows customers to adjust their down payment, loan terms and identify how their credit score may affect their monthly payment. The calculator utilizes the selected vehicle’s purchase price, the customer’s actual trade-in value and loan balance, shipping costs, estimated taxes and licensing fees in one intuitive and powerful tool.
“Personalization is critical since the vehicle shopping transaction has multiple components. We have designed the Driveway experience to anticipate and address all customer needs,” said George Hines, Chief Innovation and Technology Officer at Lithia & Driveway (LAD).
AI-Powered Financing Approval Likelihood Indicator
Prior to submitting a credit application, Driveway’s new AI-powered engine informs customers of their likelihood of online approval based on their identified down payment amount, loan term and credit score. This new tool uses data from LAD’s over 2.5 million vehicle transactions to enable customers to independently achieve a higher likelihood of online approval.
“These proprietary Driveway enhancements empower the customer’s vehicle shopping experience,” said Mr. DeBoer. “Combined with our vast selection of vehicles at all affordability levels and our growing network that’s providing in-home delivery throughout the nation, Driveway is well on its well to becoming the leader in ecommerce automotive retail.”
Delivering cars nationally and with a marketing focus now reaching 25% of the US population, Driveway is positioned to be the brand of choice for all levels of affordability and to address the full vehicle ownership lifecycle with the convenience of in-home delivery.
