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

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