From the theoretical standpoint, [The Parable of the Burning House] explains the relationship between the Three Vehicles and the One Vehicle. The three toy carts – the sheep-cart, deer-cart, and bullock-cart – respectively represent the Sravaka-Vehicle of the “hearers,” the Pratyekabuddha-Vehicle of the “private Buddhas,” and the Bodhisattva-Vehicle of those who serve and enlighten others. The large white bullock cart which is given to each of the children symbolizes the One Buddha Vehicle. The rich man first offered his children three kinds of carts as expedients, but in the end he gave each of them an identical large white bullock-cart. Obviously the Buddha told this parable to illustrate that the One Vehicle is true and the three are mere expedients. The differences between the One Vehicle and the Three Vehicles, which were discussed theoretically in Chapter Two, are now explained in a graphic story that anyone can understand and remember.
Introduction to the Lotus Sutra