A component for a bit driving tool is taught having a mid-chamber telescopically received in an outer chamber, a bit storage chamber formed in the mid-chamber and surrounding and rotatable about a central bore, a central rod axially movable through the central bore when the mid-chamber is telescopically retracted into the outer chamber and a flexible arm comprising a magnetic end, movable into and out of axial alignment with the central bore. Telescopic extension of the mid-chamber out of the outer chamber positions the magnetic end of the flexible arm to magnetically connect with a rear end of a bit stored in the bit storage chamber and telescopic retraction of the component moves the flexible arm and the magnetically connected bit radially into the central bore and wherein further telescope retraction of the component pushes the bit axially through and out of the component. A locking tip for use with a bit driving unit is also taught.