Vehicle theft cost fleets more than £16,000 per year

The average fleet loses around £16,000 per year as a result of vehicle or equipment theft, according to Verizon Connect.

Its research found that businesses have at least one vehicle stolen each year.

The average loss increases to nearly £50,000 for those businesses that have between 101-250 vehicles, as the number of vehicles stolen rises to three for businesses of this size.

Recent ONS data shows that vehicle theft is on the rise, increasing by 7% YoY.

“For many businesses across Britain, vehicles and the equipment inside, are their livelihood – theft represents a huge cost, not just in terms of the lost vehicle or equipment, there’s the additional cost through lost business. With vehicle crime on the rise, fleet and business managers need to be extra vigilant,” said Derek Bryan, vice president EMEA at Verizon Connect.

Verizon’s study found that more than half (58%) of fleet managers don’t use technology such as immobilisation devices to assist in recovering lost or stolen vehicles. As a result, only 44% of businesses who reported a vehicle stolen have been able to recover it, and any equipment, in usable condition.

Bryan added: “Technology can not only track the location and status of a vehicle, but can also remotely disable a vehicle’s ignition once the vehicle’s engine has been shut off, effectively stopping vehicle misuse in near real time. This not only helps prevent the unauthorised use of vehicles, it helps businesses run more effectively by better monitoring fuel usage, safety metrics and managing customer expectations.”