Unless you never left your house after the 2020 lockdowns, you’ve heard about, seen, or have experienced a rise in crime across the country, and those in the auto business are keenly aware that auto thefts, car jackings, parts thefts, and now gasoline thefts have become a huge problem.
National Insurance Crime Bureau (NCIB) testified before a U.S. Senate committee last month that auto thefts nationwide increased by 16.5% in 2021 compared to 2019 and up nearly 29% compared to 2017. Colorado, for example, experienced 79% more auto thefts in 2021 compared to 2019, and Wisconsin had 74% more auto thefts over the same period. Additionally, the total volume of thefts between 2019 and 2021 was staggering. California alone, for example, saw over 200,000 auto thefts in 2021 compared to 160,000 in 2019.
Thieves are also going after high value targets like Ford and Chevrolet full size pickups, and high value Honda Accords and Civic, and Toyota Camrys, according to the Insurify.
Given the continued computer chip shortage hampering new vehicle production, used car inventory are very likely to remain in short supply, and values will remain at, or near, current record levels. Cox Automotive forecasts a total of 39.3 million used vehicle sales in 2022, and while Cox predicts a 3 percent decline in its used vehicle value index, that is off record high values at the end of 2021. Given the stubbornly high used vehicle values, they will remain targets for thieves.
Modern Technology Can Protect Your Assets
Auto lenders need to protect their assets. Given that thieves may target their customers’ vehicles, they’ll want to be able to assist in finding the vehicle in the event it’s stolen. Lately, there’s also been an uptick in vehicles being stolen and moved across the border into Mexico, where it is very difficult to recover a stolen vehicle or skip. Setting up geofences on both sides of the border using the most modern GPS technology can not only notify you if the vehicle leaves the country, but can also notify you in the event it returns to the U.S., where you can retrieve it.
The Advantage platform automatically:
Advantage’s advanced technology can help you monitor portfolio risks at a glance. The interactive dashboard allows for high-level and vehicle-specific, granular oversight of your automotive finance portfolio, providing information on:
Given the extraordinary marketplace we’re experiencing it’s become vital for dealers to make sure their valuable collateral is protected. Whether you need to recover a vehicle-asset due to a default or auto theft, Advantage has you covered.