Nearly $1 Billion in Construction Equipment and Tools Lost in the United States Due to Theft Annually; Study Reveals California Remains Top State for Equipment Theft
Today LoJack Corporation (NASDAQ: LOJN) released new data originating from the Company’s annual Construction Equipment Theft and Recovery in the United States study. LoJack’s annual study and accompanying infographic reviews theft trends specific to construction equipment and tools equipped with the LoJack® Stolen Vehicle Recovery System.
Many equipment owners and rental companies in the United States do not realize that equipment is also one of the biggest targets when it comes to theft. LoJack’s 2013 study revealed that:
•California remains the highest-ranking state in terms of equipment theft as a result of many active construction projects, as well as an international border with access to major shipping ports.
•Light utility vehicles / work trucks and trailers are the most common type of commercial equipment stolen.
•Newer equipment models were stolen more often than older equipment – largely due to the fact that the resale value of new equipment is greater. In fact, 46 percent of equipment stolen in 2013 was less than five years old.
•In 95 percent of the cases, the stolen equipment was recovered in the same state that the theft was reported.
•Construction theft is prevalent in suburban areas, particularly in areas where construction growth is widespread.
“According to the National Insurance Crime Bureau, close to $1 billion a year nationwide is lost due to the theft of construction equipment and tools,” stated Courtney DeMilio, Associate Vice President of LoJack Commercial. “It has become harder to detect construction theft, and combined with the fact that job sites are often poorly secured, thieves are finding the theft of construction equipment is a lucrative opportunity. As a result, construction and rental businesses are vulnerable and at an increased risk for theft and significant monetary losses as a result of theft.”
Additional noteworthy findings from the study of stolen and recovered commercial vehicles equipped with a LoJack device in 2013 include:
•States with the highest occurrence of equipment theft were:
10.(Tie) Colorado, Illinois, New York
•Most popular types of stolen and recovered commercial equipment installed with a LoJack device in 2013:
1.Light Utility Vehicles / Work Trucks / Trailers
2.Backhoe Loaders / Skip Loaders / Wheel Loaders
3.Generators / Air Compressors / Welders / Light Towers
•In 2013, 61 percent of the thefts were from the following top manufacturers (note: there were thefts from a total of 51 different manufacturers):
1.Ford – 31 percent
2.Bobcat – 12 percent
3.John Deere – 9 percent
4.Caterpillar – 5 percent
5.Case – 4 percent
“LoJack’s data reveals that 44 percent of equipment installed with our system was recovered in less than five hours after being reported stolen,” DeMilio said. “A swift recovery time of equipment is growing in importance, as modern economic conditions have led construction businesses to increasingly rent rather than purchase equipment. This rising demand for heavy duty rental equipment has made rental companies, and the businesses they supply, vulnerable for not only theft, but significant monetary losses as a result of theft. The LoJack System helps businesses protect themselves and minimize costly damages.”
The LoJack System can be installed at the original equipment manufacturer level and helps combat equipment theft across 29 states in the U.S. and in parts of Ontario and Quebec. For additional details on how the LoJack System has successfully recovered millions in stolen equipment, visit the Commercial Theft Blog.com.
About the “2013 LoJack Corporation Study on Construction Equipment Theft”
During the twelve month period from January through December 2013, LoJack tracked theft reports in 27 states where equipment theft was reported and where construction equipment installed with LoJack® Stolen Vehicle Recovery System led police to recover the stolen assets.
About LoJack Corporation
LoJack Corporation, the company that has helped more than nine million people protect their vehicles in the event of theft over the past 25+ years, today provides safety, security and protection for an ever-growing range of valuable assets and people. Leveraging its core strengths, including its well-known brand, direct integration with law enforcement and dealer distribution network, LoJack Corporation is expanding into new areas across the continuum from theft deterrence to recovery. The Company is focusing on creating a new level of value for its dealer, customer and investor communities by delivering innovative offerings, multiple technologies in expanding geographies.
© 2014 LoJack Corporation. All rights reserved. LoJack and the LoJack logo are trademarks or registered trademarks of LoJack Corporation in the United States and other countries.