CCC Trends: A Convergence of Trends Driving Vehicle Theft
Overall vehicle theft rose sharply in CY 2020. In addition to the economic downturn during the COVID-19 pandemic that has contributed to the rise in auto theft, a convergence of other economic trends have driven up demand for three precious metals across the globe:
a) gasoline engines outselling diesel in Europe
b) growth in light truck sales (larger engine size)
c) steady overall growth in global auto sales
d) heightened emission standards worldwide
Palladium, rhodium and platinum are used in catalytic converters to stop the most toxic pollutants from a vehicle’s exhaust. As prices of these precious metals have risen, theft of catalytic converters have also soared. This month’s CCC Trends explores the economic data and shares insights on what could change this auto theft trend in the months and years ahead. Download the full report here.