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How Sky-High Vehicle Theft Rates are Costing Your Company

Updated: Apr 1, 2022

Vehicle theft is a real problem. It can take a heavy toll on a company, as you not only lose an asset but also face the consequences of an unfulfilled contract or promise. Most companies rely on theft-deterrent devices (like a GPS system) to stop criminals from driving away with their vehicles. However, modern security systems do not deter determined criminals. They have become more brazen and sophisticated than ever, stealing vehicles with impunity using new methods and technology.

The photo features three white trucks parked in a deserted place.

Vehicles parked in unsecured places are an easy target for thieves, but with GPS vehicle tracker, companies can detect any suspicious use or movement.

Put bluntly, there has been a marked rise in vehicle thefts in Canada. There were more than 85,000 reported cases of vehicle thefts between 2016 and 2017, according to Statistics Canada—an increase of 6 percent from the previous year.

Some might assume that the loss of a vehicle makes no difference to a company with hundreds or thousands of vehicles. That couldn’t be further from the truth. For a company, a lot is at stake when it dispatches a vehicle to deliver or bring something. For example, if a thief steals a cargo truck that is loaded with goods meant for a customer’s client, the company could suffer significant financial losses, as well as its reputation could take a hit.

Effects of Vehicle Theft on Business

Vehicle theft poses a serious threat to the operation and profitability of companies, especially those that are in the business of managing a fleet. When a vehicle gets stolen, everyone, from the employees on the bottom rung to top management, is likely to be stressed out because of the potential repercussions.

First, if it is a cargo truck, the company will have to answer to furious customers. It is unlikely they’ll be happy with the explanation that the truck was hijacked en route. The company will end up paying the customer a huge compensation. Moreover, potential customers will not see the company as reliable, and because of that, its competitors will gain an advantage.

Second, the insurance company needs to be convinced that the driver’s negligence did not cause the theft. Also, the company may have to pay a higher insurance premium for the fleet following the vehicle theft.

Third, there is the unexpected, additional expense of lost equipment. A new vehicle has to be purchased to replace the stolen one, to avoid operational disruption.  And, in case the thief causes a major accident and abandons the vehicle, the company may have to pay an astronomical amount in damages.

How Vehicles Get Stolen?

Nearly half of the vehicle theft happens due to the drivers’ error. They may have parked it in a deserted area, or in an unsecured area, that is not a properly lit, making it easy for thieves to target the vehicle. Drivers might also attract the attention of the thieves if they take the same route every time or stop at the same location every time.

Some drivers also get down at a location for a couple of seconds, leaving the engine running. In that few seconds, a smart thief is likely to disappear with the vehicle. Moreover, thieves may use clever ruses to force the drivers to stop the vehicles, and then overpower them.

How to Prevent Vehicle Theft?

Criminals are constantly evolving and often stay one step ahead of drivers and companies. Devices designed by the vehicle manufacturers are not sufficient to deter sophisticated thieves. They can exploit the vulnerabilities of such devices in a matter of seconds. GPS vehicle trackers, such as ours (GFI System,) help companies monitor their vehicles’ movement 24×7, which lets you take proactive action. Our system enables you to note any suspicious movement or use of the vehicle in real time.

Monitoring of a vehicle, from a remote location, may not deter thieves. It, however, ensures that they don’t vanish into thin air after stealing the vehicle. With GPS vehicles tracker, companies can trace the movement of the stolen vehicle and find its location within seconds. This enables them to provide the authorities with accurate information needed to catch the culprits.

Drivers are instructed to drive at a specific speed. When thieves are in the driving seat, they are set to drive at an extremely high level of speed, to flee from the location. GPS vehicle tracker’s speed notification features alerts your command center that the vehicle is not maintaining the pre-set speed threshold, which signals that the vehicle may have been stolen.

Not only that, the tracker also alerts the remote center if someone is using the vehicle during off hours.  And, it is equipped with the tampering detection functionality. If a thief attempts to tamper with the device, the remote center immediately get a text or email notification.  

The GPS vehicle tracker enables companies to outsmart the criminals.

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