It’s not uncommon to hear about thieves creeping into parking lots at night and stealing tires, batteries and tailgates. But the newest trend among thieves is catalytic converters.
Because those catalytic converters contain precious metals that are rising in value.
And while catalytic converter thefts are not uncommon, the rate of thefts has increased drastically. In 2019 and 2020, catalytic converter theft claims nearly doubled according to one insurance company in BC.
And it isn’t just individuals that are having their catalytic converters stolen.
A car auction company in Moncton, New Brunswick had 33 converters stolen. There have been thefts at mechanic shops. Even private business fleets are being targeted. One business in Guelph, Ontario had catalytic converters removed from all of their trucks.
Think it is only an Eastern Canada issue? In BC’s lower mainland, ICBC reported losses of $2 million from catalytic converter thefts in 2020 alone.
And it isn’t just the cost of replacement parts and repairs that businesses need to worry about. They also have to manage delays, declining customer satisfaction and lost revenue from missed work.
So how do you protect your vehicle compounds and dealerships from this costly theft?