Social media do's and don'ts in auto finance | Auto Finance News | Auto Finance News

Social media do’s and don’ts in auto finance

Engaging with prospective and current consumers through social media channels is becoming a topic of increasing interest in the auto finance industry, but many questions remain when it comes to how — and in which channels — lenders should spend their time.

Saloni Janveja, executive director of social media and marketing innovation at Ally Financial, has found social media in the auto finance industry to be an invaluable tool to understanding the customer journey. “[Lenders] can’t afford not to [invest their time in social media],” she told Auto Finance Excellence. “It’s where their customers are spending their time. This year we found that people will spend about three and a half hours on their mobile device [per day], and social makes up a solid two hours of that.”

Further, Janveja said that social is also about brand building and shopping, which is vital for lenders to foster communities. “It’s a great way to grow and retain that customer base,” she said.

In this episode of The Roadmap, AFE chats with Janveja on compliance considerations when entering the realm of social media, limitations of certain platforms and best practices for engaging with consumers.

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