(PRESS RELEASE) LoJack Corporation Releases Annual Construction Equipment Theft & Recovery Report
- October 6, 2015
CANTON, MA – October 6, 2015 – LoJack Corporation (NASDAQ: LOJN) is announcing the release of data and findings from the Company’s annual Construction Equipment Theft and Recovery in the United States study. LoJack’s report, and accompanying infographic, reveal industry trends specific to construction equipment and machinery equipped with the LoJack® Stolen Vehicle Recovery System.
In the United States, many rental companies and equipment owners may be unaware of the high risk of theft that is associated with owning and operating construction equipment. LoJack’s 2014 study revealed the following:
• Cost of theft: In 2014, more than $7,735,458 worth of construction equipment assets were stolen and recovered. Replacing those assets, if lost, would have cost their owners more than $13.1 million.*
• Top states for equipment theft: California continues to top the list of states with the highest rate of equipment theft. Texas and Florida rank second and third, respectively, likely due to a close proximity to major shipping ports and the high volume of ongoing construction projects throughout the year.
• Most popular equipment types: Tools such as backhoe loaders and skid steers are the most common pieces of equipment stolen and recovered, accounting for 60 percent of all LoJack System-equipped construction equipment recoveries.
• New equipment models are popular targets: Newer equipment models continue to be stolen more often than older equipment. With higher resale value, new equipment can prove to be a lucrative target for thieves. Fifty-four percent of equipment stolen in 2014 was less than five years old.
• Common months for theft: The danger from construction thieves remains relatively consistent throughout the year, with an uptick in activity from November through March, when more equipment is idle due to lower construction activity during colder months.
“Construction equipment remains a key target for practiced thieves as it remains difficult to secure and high in value,” said Courtney DeMilio, National Vice President of Commercial and Fleet. “Replacing stolen construction equipment comes at a significant cost that goes beyond the simple dollar value of the equipment. Oftentimes, theft has a much greater, negative impact on a business – loss in job productivity, the inability to complete a job, a diminished professional reputation – all while the owner is spending a substantial amount of time and money to replace the equipment. As criminals continue to target high-value construction equipment, protecting these tools is something that, unfortunately, must remain a high priority for all construction equipment owners.”
Additional notable findings from the study of stolen and recovered commercial vehicles equipped with a LoJack device in 2014 include:
• States with the highest occurrence of equipment theft:
1. California
2. Texas
3. Florida
4. Georgia
5. Oklahoma
6. (Tie) Arizona, Colorado
7. Maryland
8. New York
9. North Carolina
10. (Tie) Washington, Louisiana, Nevada, Pennsylvania, Michigan
• Most popular types of stolen and recovered commercial equipment installed with a LoJack device in 2014:
1. Backhoe Loaders / Skip Loaders / Wheel Loaders: 35%
2. Skid Steers: 25%
3. Towables (Air Compressors, Generators, Welders, Light Towers): 20%
4. Excavators/Mini Excavators: 9%
5. Other: 7%
6. Forklifts: 4%
• The top five equipment brands most stolen and recovered in 2014:
1. Bobcat: 24%
2. John Deere: 20%
3. Caterpillar: 8%
4. Case: 8%
5. Takeuchi: 6%
The LoJack System can be installed at the original equipment manufacturer or end user levels and helps combat equipment theft across 29 states in the U.S. and in parts of Ontario and Quebec. Since 2000, more than $156,850,535* worth of stolen assets and equipment has been recovered due to the LoJack System. For additional details, visit LoJack’s Commercial Theft Blog.
About the “2014 LoJack Corporation Study on Construction Equipment Theft”
From January through December 2014, LoJack tracked theft reports in states where equipment theft was reported and where construction equipment outfitted with LoJack System led police to recover the stolen assets.
About LoJack Corporation
LoJack Corporation has helped more than nine million people protect their assets in the event of theft over the past 25+ years, and today, provides safety, security and protection for an ever-growing range of valuable assets and people. Leveraging core strengths such as its well-known brand, direct integration with law enforcement and dealer distribution network, LoJack Corporation has expanded its vehicle recovery system beyond the automotive field, tailoring new services and products to the commercial and construction markets and people at risk. LoJack is delivering new telematics-based solutions for on-road and off-road fleet management, as well as dealer inventory management. LoJack Corporation continues to build new levels of value for its dealer, licensee, customer and investor communities by delivering innovative offerings and multiple technologies in expanding geographies.
For more information, visit www.lojack.com, www.autotheftblog.com, www.lojack.com/Construction-and-Commercial-Vehicles, www.twitter.com/LoJackCorp or www.Facebook.com/LoJackCorp.
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*2014 LoJack proprietary theft and recovery data with value of and replacement value of assets determined from information obtained from EquipmentWatch.com, MachineryTrader.com and/or National Automobile Dealers Association (NADA).