Construction Equipment Theft Continues to Plague Equipment Owners in 2007, Lojack's Annual Theft Study Reveals

Challenging Economy Demands Need to Protect Hefty Investment in Heavy

Equipment



Mar 12, 2008, 01:00 ET from LoJack Corp.

    WESTWOOD, Mass., March 12 /PRNewswire-FirstCall/ -- LoJack Corporation
 (Nasdaq:   LOJN) today announced the results of its seventh annual
 Construction Equipment Theft Study in a report that provides valuable
 information on the growing problem of equipment theft-a problem that costs
 construction companies up to $1 billion per year in lost assets.* According
 to the study, which analyzed LoJack stolen vehicle recovery reports for the
 calendar year 2007, construction theft continued at a steady clip with
 professional theft rings fueling the issue and skid steers being the number
 one theft target. For the calendar year 2007, LoJack recovered more than
 $18 million in stolen construction equipment assets. Since LoJack entered
 the construction market in 2000, the company has recovered more than $86
 million in stolen construction equipment.
 
     "In today's challenging economy, which is underscored by a decline in
 building starts, it is more important than ever that construction business
 owners protect the major investment they make in their equipment from
 today's professionals thieves," said Ronald V. Waters, LoJack's President
 and Chief Operating Officer. "Construction equipment theft is a high
 reward, low risk form of theft and equipment is unfortunately an 'easy
 mark' for thieves due to poor on-site security, ineffective record keeping
 and a lack of standardized product identification information. Owners need
 to take all of the necessary precautions -- including arming their
 equipment with a recovery system -- to ensure their expensive skid steers,
 backhoes and generators remain protected."
 
     Professional Theft Rings Continue to Plague Industry
 
     This year's study showed that professional theft rings continue to
 drive the ongoing problem of construction equipment theft, with law
 enforcement discovering eight theft rings and chop shops through tracking
 and recovering stolen equipment with the LoJack System. Through these
 discoveries, police recovered more than $2.5 million in additional stolen
 assets that were not LoJack-equipped. In one theft ring bust alone, the
 LoJack System helped Chicago-area police find a major construction theft
 ring and recover more than 30 pieces of construction equipment/commercial
 vehicles valued at nearly $900,000.
 
     Overall, LoJack has discovered more than 40 theft rings and chop shops
 since entering the construction market.
 
     Popular Equipment Make Popular Theft Targets
 
     The study also revealed that once again the newer equipment on the job
 site is the most common theft target because of higher resale value. The
 types of equipment most frequently stolen are (in order):
 
 
1. Skid Steers 2. Backhoe Loaders/Skip Loaders/Wheel Loaders/Track Loaders 3. Generators/Air Compressors/Welders 4. Light Utility/Work Trucks and Trailers 5. Forklifts/Scissor Lifts 6. Dump Trucks 7. Light Towers 8. Mini Excavators These equipment types represented more than 80 percent of all construction equipment recoveries documented by LoJack in 2007. More than 74 percent of the equipment stolen and recovered was five years old or less. States with the Highest Theft Rates Based on LoJack's recovery data, the following are the top states with the highest occurrence of equipment theft:
1. California 2. Florida 3. Texas 4. Arizona 5. Georgia and Nevada 6. Maryland and New Jersey 7. North Carolina 8. New York and Pennsylvania 9. Illinois 10. Colorado and Louisiana Construction Theft is a Local Issue The report also indicated that construction theft is a local issue. In 97 percent of the cases, the stolen equipment was recovered in the same state in which the theft was reported. It was either in a storage facility or in use on a local jobsite. Unlike auto theft, which has a higher incidence in major cities around the country, construction theft is not confined to city streets and urban areas. Rather, it often occurs in suburban areas where construction growth has been high. LoJack's Guide to Theft Protection Below is LoJack's advice on how to protect equipment and businesses from the costly problem of theft:
Keep Good Records -- Label all equipment with unique identifying numbers, including the following: -- Product Identification Numbers (PIN) -- Owner Applied Number (OAN) -- Consider marking above numbers in multiple locations on equipment -- Keep accurate inventory records -- Record manufacturer, model number, year, PIN and purchase date for each piece of equipment -- Record serial numbers of each major component parts -- Consider registering your equipment with a national database Focus on Physical Site Security -- When possible, fence in your equipment -- Park equipment close together and in a circle if feasible, with smaller pieces in the center; chain small equipment to larger equipment -- Communicate with law enforcement. Request more frequent patrols, especially in known high-theft areas Use Theft Deterrents and Proven Recovery Systems -- Use immobilization devices such as wheel locks, fuel shut-offs or ignition locks -- Consider installing battery-disconnect switches -- Use a proven tracking/recovery system that offers time-tested tracking technology and is integrated with police so that recovery is in the hands of the law. About the Study The 2007 LoJack Construction Equipment Theft Report is based on state theft statistics and equipment recoveries documented by LoJack in 26 states from January to December 2007. LoJack has been tracking theft/recovery data for the past seven years and will continue to issue these reports annually to provide the industry with valuable statistics and trend information. About LoJack Corporation LoJack Corporation, the company that invented the stolen vehicle recovery market more than two decades ago, is the undisputed global leader in recovering valuable mobile assets. The company's time-tested system is optimized for recovering stolen mobile assets through its proven Radio Frequency technology and unique integration with law enforcement agencies in the United States that use LoJack's in-vehicle tracking equipment to recover cars, trucks, commercial vehicles, construction equipment and motorcycles. The company's Stolen Vehicle Recovery System delivers a 90 percent success rate for cars and trucks and has helped recover more than $4 billion in stolen LoJack-equipped assets worldwide. Today, LoJack operates in 26 states and the District of Columbia, and in more than 30 countries throughout North America, South America, Europe, Africa and Asia.
*Source: The National Insurance Crime Bureau (NICB) CONTACT: Paul McMahon Jeanne Bock Laura Feng LoJack Corporation Tier One Partners Tier One Partners 781-251-4130 781-861-5249 978-975-1414

SOURCE LoJack Corp.
    WESTWOOD, Mass., March 12 /PRNewswire-FirstCall/ -- LoJack Corporation
 (Nasdaq:   LOJN) today announced the results of its seventh annual
 Construction Equipment Theft Study in a report that provides valuable
 information on the growing problem of equipment theft-a problem that costs
 construction companies up to $1 billion per year in lost assets.* According
 to the study, which analyzed LoJack stolen vehicle recovery reports for the
 calendar year 2007, construction theft continued at a steady clip with
 professional theft rings fueling the issue and skid steers being the number
 one theft target. For the calendar year 2007, LoJack recovered more than
 $18 million in stolen construction equipment assets. Since LoJack entered
 the construction market in 2000, the company has recovered more than $86
 million in stolen construction equipment.
 
     "In today's challenging economy, which is underscored by a decline in
 building starts, it is more important than ever that construction business
 owners protect the major investment they make in their equipment from
 today's professionals thieves," said Ronald V. Waters, LoJack's President
 and Chief Operating Officer. "Construction equipment theft is a high
 reward, low risk form of theft and equipment is unfortunately an 'easy
 mark' for thieves due to poor on-site security, ineffective record keeping
 and a lack of standardized product identification information. Owners need
 to take all of the necessary precautions -- including arming their
 equipment with a recovery system -- to ensure their expensive skid steers,
 backhoes and generators remain protected."
 
     Professional Theft Rings Continue to Plague Industry
 
     This year's study showed that professional theft rings continue to
 drive the ongoing problem of construction equipment theft, with law
 enforcement discovering eight theft rings and chop shops through tracking
 and recovering stolen equipment with the LoJack System. Through these
 discoveries, police recovered more than $2.5 million in additional stolen
 assets that were not LoJack-equipped. In one theft ring bust alone, the
 LoJack System helped Chicago-area police find a major construction theft
 ring and recover more than 30 pieces of construction equipment/commercial
 vehicles valued at nearly $900,000.
 
     Overall, LoJack has discovered more than 40 theft rings and chop shops
 since entering the construction market.
 
     Popular Equipment Make Popular Theft Targets
 
     The study also revealed that once again the newer equipment on the job
 site is the most common theft target because of higher resale value. The
 types of equipment most frequently stolen are (in order):
 
 
1. Skid Steers 2. Backhoe Loaders/Skip Loaders/Wheel Loaders/Track Loaders 3. Generators/Air Compressors/Welders 4. Light Utility/Work Trucks and Trailers 5. Forklifts/Scissor Lifts 6. Dump Trucks 7. Light Towers 8. Mini Excavators These equipment types represented more than 80 percent of all construction equipment recoveries documented by LoJack in 2007. More than 74 percent of the equipment stolen and recovered was five years old or less. States with the Highest Theft Rates Based on LoJack's recovery data, the following are the top states with the highest occurrence of equipment theft:
1. California 2. Florida 3. Texas 4. Arizona 5. Georgia and Nevada 6. Maryland and New Jersey 7. North Carolina 8. New York and Pennsylvania 9. Illinois 10. Colorado and Louisiana Construction Theft is a Local Issue The report also indicated that construction theft is a local issue. In 97 percent of the cases, the stolen equipment was recovered in the same state in which the theft was reported. It was either in a storage facility or in use on a local jobsite. Unlike auto theft, which has a higher incidence in major cities around the country, construction theft is not confined to city streets and urban areas. Rather, it often occurs in suburban areas where construction growth has been high. LoJack's Guide to Theft Protection Below is LoJack's advice on how to protect equipment and businesses from the costly problem of theft:
Keep Good Records -- Label all equipment with unique identifying numbers, including the following: -- Product Identification Numbers (PIN) -- Owner Applied Number (OAN) -- Consider marking above numbers in multiple locations on equipment -- Keep accurate inventory records -- Record manufacturer, model number, year, PIN and purchase date for each piece of equipment -- Record serial numbers of each major component parts -- Consider registering your equipment with a national database Focus on Physical Site Security -- When possible, fence in your equipment -- Park equipment close together and in a circle if feasible, with smaller pieces in the center; chain small equipment to larger equipment -- Communicate with law enforcement. Request more frequent patrols, especially in known high-theft areas Use Theft Deterrents and Proven Recovery Systems -- Use immobilization devices such as wheel locks, fuel shut-offs or ignition locks -- Consider installing battery-disconnect switches -- Use a proven tracking/recovery system that offers time-tested tracking technology and is integrated with police so that recovery is in the hands of the law. About the Study The 2007 LoJack Construction Equipment Theft Report is based on state theft statistics and equipment recoveries documented by LoJack in 26 states from January to December 2007. LoJack has been tracking theft/recovery data for the past seven years and will continue to issue these reports annually to provide the industry with valuable statistics and trend information. About LoJack Corporation LoJack Corporation, the company that invented the stolen vehicle recovery market more than two decades ago, is the undisputed global leader in recovering valuable mobile assets. The company's time-tested system is optimized for recovering stolen mobile assets through its proven Radio Frequency technology and unique integration with law enforcement agencies in the United States that use LoJack's in-vehicle tracking equipment to recover cars, trucks, commercial vehicles, construction equipment and motorcycles. The company's Stolen Vehicle Recovery System delivers a 90 percent success rate for cars and trucks and has helped recover more than $4 billion in stolen LoJack-equipped assets worldwide. Today, LoJack operates in 26 states and the District of Columbia, and in more than 30 countries throughout North America, South America, Europe, Africa and Asia.
*Source: The National Insurance Crime Bureau (NICB) CONTACT: Paul McMahon Jeanne Bock Laura Feng LoJack Corporation Tier One Partners Tier One Partners 781-251-4130 781-861-5249 978-975-1414 SOURCE LoJack Corp.