Scrap Metal

Metal Prices Good – Theft Bad

Metal Prices Good. Upward Trend in Theft BAD!

All over the country salvage and recycling dealers are riding the wave of fluctuating metal prices. Across the board prices have hit more than an 8-year high and there’s no sign of them going down. Predictions as far out as April 2023 show prices continuing to rise.

Pricing

There are several reasons for the increase in pricing. The pandemic has had a big impact. Back-ups in supply chains and product not shipping and homebound people deciding to do DYI fix-it projects on their houses and vehicles have driven up demand while supply has diminished. And now the war in Ukraine and the impact on Russian trade has factored in as well.

Cats… Meow?

With the upward tick in prices comes the threat of dishonest players looking for ways to make a quick buck. One of the most prevalent forms of theft right now is of catalytic convertors. The bad guys are stealing them and presenting them for sale at salvage yards and dismantlers/ recyclers. Some of Peak’s tow company customers have reported having the devices stolen from cars on their lots, even with strong security systems in place.

Legislation

Several states have introduced eral states have introduced legislation that attempts to curb that type of theft. Some are requiring the parts dealer to obtain a statement from the seller saying they have the right to sell it. Others are looking at making theft of the device a felony with stronger sentences if convicted. And others are developing requirements that dealers check the National Motor Vehicle Title Information System (NMVTIS) to determine if the vehicles and its catalytic convertor have been reported stolen.

Opportunity

The best way to minimize the opportunity for thieves to impact your business is to move those vehicles off your lot as quickly as possible. To find out how Peak Auto Auction can help your business turn abandoned vehicles into cash, give us a call at 720-232-2304 or send an email to [email protected]