Recent legislation in the Senate to address the alarming rise in catalytic converter thefts has gained significant attention and support. The National Automobile Dealers Association (NADA) voiced their appreciation for this crucial step taken to assist law enforcement in fixing this growing issue.
The Preventing Auto Recycling Theft (PART) Act, brought in by Democratic Sens. Amy Klobuchar and Ron Wyden, aims to curb catalytic converter thefts by implementing measures such as requiring new vehicles to have the Vehicle Identification Number (VIN) stamped onto the converters. This critical solution enables law enforcement officers to trace stolen parts back to their original vehicles.
The PART Act also proposes the establishment of a grant program that would allow dealers, repair shops, and other eligible entities to stamp VINs onto converters of existing vehicles. Furthermore, it calls for the imposition of federal criminal penalties, including jail time of up to five years, for theft, sale, trafficking, or known purchases of stolen catalytic converters.
The widespread nature of catalytic converter thefts has become a big concern for both dealerships and consumers. NADA President and CEO Mike Stanton highlighted the urgent need for action, emphasizing the ease with which criminals perceive this type of theft due to the lack of traceability and inconsistencies in state laws.
The Senate bill is currently under review by the Committee on Commerce, Science, and Transportation, awaiting further support, including from Republican lawmakers.
The rising rates of catalytic converter thefts in the United States can be traced to the presence of valuable precious metals like platinum, palladium, and rhodium within these parts. Unfortunately, their lack of traceability makes them lucrative targets for criminals.
According to the National Insurance Crime Bureau, the reported cases of catalytic converter thefts in the U.S. skyrocketed to 14,433 in 2020, compared to 3,389 in 2019 and a mere 1,298 in 2018. These stolen converters fetch up to $350 each on the black market, while replacement costs for vehicle owners can reach as high as $2,500.
As catalytic converter thefts continue to surge, David Glawe, CEO of the National Insurance Crime Bureau, highlighted the need for stronger deterrents to discourage such crimes. He stressed the importance of Congress enacting legislation that classifies catalytic converter theft as a felony and introduces more severe penalties to dissuade criminals.
The PART Act, introduced by U.S. Rep. Jim Baird and supported by over 40 lawmakers from both parties, has already gathered bipartisan backing. It has been referred to the House Subcommittee on Consumer Protection and Commerce, with industry organizations like NADA urging for a hearing on the measure.
Principal Warranty Corp. recognizes the pressing need to address catalytic converter thefts. While legislative efforts are underway, it is important for vehicle owners and dealerships to take proactive measures to protect themselves. That’s why we have developed Principal Catalytic Converter Theft Shield—an exceptional product offering comprehensive coverage and financial protection against the rising threat of converter thefts.
By choosing Principal Catalytic Converter Theft Shield, you can secure your vehicle and shield yourself from the financial burdens linked with this growing epidemic. Stay tuned for more updates and information on how you can safeguard your vehicle with our cutting-edge protection plan.
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Contact us now to learn more about our exceptional product and how it can safeguard your vehicle against the growing threat of catalytic converter thefts. Don’t forget that at Principal Warranty Corp., we want you to drive with confidence and peace of mind.
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Principal Warranty Corp. is a customer-centric company that takes pride in our automotive and recreational vehicle F&I products and wealth building programs for dealers, agents, and contract holders all over the nation. Our full line of F&I products for auto, RV, and powersports includes exclusive and comprehensive mechanical service contracts, lifetime and limited warranty programs, GAP, ancillary plans, reinsurance programs, dealer development and compliance training. Principal Warranty Corp. has its head office north of Seattle in Burlington, WA.
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