Despite the issue of equipment theft and the devastating business impact it can have, many equipment owners are still not doing enough to safeguard their assets. Very few contractors are taking adequate theft prevention measures. In fact, only 7% of these owners said they inscribe their equipment with identification numbers, and only 9% said they remove components from equipment to prevent theft*.
Here are a few other causes that lead to the costly problem of construction equipment theft**:
Titling and registration of equipment is not mandated.
Equipment is identified by Product Identification Numbers (PIN)’s, not the standard 17 digit Vehicle Identification Numbers (VINs) used for cars and trucks.
There is a high demand for construction equipment.
There is often poor security–remote, poorly secured work sites on private land, “open” cab machines, and universal keys that work on a number of pieces of equipment.
It has become harder to detect theft.
* Construction Equipment Theft Survey conducted by Cygnus Business Media (2008)
** LoJack 2011 Construction Equipment Theft Study