Using social media to drive auto loans
One of the biggest threats to credit unions and banks when it comes to gaining more direct auto loan business is auto dealers. After all, dealers have a captive audience and use various sales techniques and tactics. You know you are losing loan volume to auto dealers.
So what can you do to counter that threat? A recent study from Crowdtap suggests the importance of social media. Insights from the Crowdtap study reveal the following:
- 68% of those who purchased a car found the vehicle on social media
- 87% say they research cars via social media
- 80% say they’re ‘more likely to turn’ to social networks than sales people
- 95% say they ‘would talk about’ car models they like on social media