John Elway talks investing in athletes and autos

Vroom investment presents chances for success: Elway
Vroom investment presents chances for success: Elway   

Denver Broncos GM and Executive Vice President John Elway may have just wrapped up signing key wide receiver Demaryius Thomas to a five-year, $70 million contract, but it's not the only big deal he's celebrating.

Elway discussed his latest investment in the automotive industry on CNBC's "Power Lunch" as the NFL great looks to move from investing in game-changing players to investing in companies changing the game, like online car marketplace start-up Vroom.

"When I looked at the company, they have a great Internet presence and great car people coming together," he said.

Read MoreDrivers aren't ready to give up control just yet

For Elway, who owns car dealerships in Denver, it's uncharted territory. Vroom looks to create an online buying-and-selling experience offering free vehicle delivery nationwide.

And while some doubt that people prefer to buy and sell big ticket items such as cars on the Internet, Elway expects it to become more and more common.

"With the millennials coming up and all the shopping they do online, we're hoping that that's the next step," he said.

Though he's less invested in the issue of seeing an NFL team relocate to Los Angeles, Elway was just as confident.

"I do see a football team in Los Angeles here in the near future," he said. "It's hard to say, I'm like everyone else from the outside, even though I work in the NFL. With everything in the press that there is a possibility ... I think we'll see one out there."