Terminology such as "DRIVER", "DRIVE", "DR", and "BITS" can be very confusing.
Below is a brief description of the different formats of drivers and bits.
"DRIVER": Typically referred to as a product with a Stainless Steel or Nylon handle. Such as a 1/4" Hex Ortho Driver (SS Handle) or a 1/4" Hex Driver with Nylon Handle. "L" and "T" Nut Drivers fall into this category.
"DR": DR is the abbreviation we use for anything that uses the common 1/4, 3/8, or 1/2 SQUARE DRIVE found on ratchets, sockets, extension, breaker bars, speed wrenches, torque wrenches, etc.
"BIT": One of the most confusing terms. A bit can refer to anything that attached to a driver of some sort. 99% of the time we use the term "BIT" when referring to products that are compatible with bit holders utilizing both magnetic and non-magnetic retention methods.
"POWER BIT": Any product that attaches to a Power Bit holder/driver, most commonly found on electric or pneumatic drivers.
"COLLARS": Blank collars which are sold in the following format: 1/4 DR, 3/8 DR, 1/2 DR, Bit, and Power Bit.