Driveway Enhances Customer Shopping Experience with Affordability and AI Financing Guidance Features
07/06/2021 - 07:15 AM
MEDFORD, Ore. , July 6, 2021 /PRNewswire/ -- 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.
About Lithia & Driveway (LAD) LAD is a growth company powered by people and innovation with a 5-year plan to profitably consolidate the largest retail sector in the country. As the leading provider of personal transportation solutions in the United States , LAD is among the fastest-growing companies in the Fortune 500 (#2 on 10-Year EPS Growth, #3 on 10-Year TSR and #12 on 10-year Revenue growth in 2021). By providing a wide array of products and services for the entire vehicle ownership lifecycle through various consumer channels, they build magnetic brand loyalty. Operational excellence is achieved by focusing the business on convenient and transparent consumer experiences supported by proprietary data science to improve market share, consumer loyalty and profitability. LAD's omni-channel strategy will continue to pragmatically disrupt the industry by leveraging experienced teams, vast owned inventories, technology, and physical network. Continuing to lead the industry's consolidation and Driveway's e-commerce in-home experiences further accelerates the massive regenerating capital engine. Together, these endeavors create a unique and compelling high-growth strategy that provides transportation solutions wherever, whenever, and however consumers desire.
Sites: www.lithiamotors.com www.lithiainvestorrelations.com www.lithiacareers.com www.driveway.com
Lithia & Driveway on Facebook http://www.facebook.com/LithiaMotors http://www.facebook.com/DrivewayHQ
Lithia & Driveway on Twitter http://twitter.com/LithiaMotors http://twitter.com/DrivewayHQ
https://www.prnewswire.com/news-releases/driveway-enhances-customer-shopping-experience-with-affordability-and-ai-financing-guidance-features-301325283.html
SOURCE Lithia Motors, Inc.
