Contributed Collaborative Post
In terms of asset vulnerability, vehicle dealerships are one of the most challenging examples you could think of. Dealerships often have a whole host of high value assets that are a prime target for organised criminal gangs, and mitigating these risks can be surprisingly difficult.
Below, we outline some of the main costs of vehicle theft for UK dealerships, as well as a few potential ideas to implement in terms of risk mitigation.
Rising vehicle theft
Unfortunately, vehicle theft has become increasingly problematic over the past few years. In the year leading up to September 2024, roughly 130,000 cars were reported stolen, equating to around one theft every 8 minutes.
Of course, not all of these vehicles were stolen from dealerships. However, forecourts do represent an exceptionally attractive opportunity to car thieves, especially if there are clear vulnerabilities in the security system.
The various costs
There are a few different costs that are incurred by dealerships.
The first is obviously financial. New vehicles can easily be worth £50,000 – £100,000, and if multiple are taken in the same hit, it could have a catastrophic effect on your business’s finances.
However, thefts, especially multiple thefts, can also have a huge impact on your insurance premiums. If things get bad enough, you may find that it’s difficult to get an offer of a premium at all, with the offers you do get coming in at an eye-watering amount.
Solutions
There are a few different ways of approaching the broader issue of vehicle theft.
Strong physical security
One of the main things to do is to improve the physical security measures you have in place. These measures can include a strong physical perimeter, made up of retractable bollards and walls, in addition to CCTV, fences and security guards. The more visible, the better – you ideally want these solutions to act as a deterrent, so that people don’t even try to break in.
Internal procedures
It’s important to note that not all thefts are carried out via forced entry in the dead of night. Many will take place through the use of a misplaced key, during operating hours.
Stronger internal procedures, such as using smart key lockers from companies like KEYper, can make it much less likely that you suffer from these kinds of incidents.
Trackers
Vehicle trackers have also become increasingly important in the fight against vehicle theft. Carefully placed trackers mean that the police can trace and hopefully recover stolen vehicles in as little as minutes.
Tracking devices also provide insurers with added peace of mind, which often tends to have a positive knock on effect on insurance related costs.
Vehicle theft in dealerships is absolutely something to take seriously. Criminal organisations are becoming increasingly sophisticated in their approaches, meaning that there are an increasing number of risks to be aware of. However, there are also more security solutions available than perhaps ever before, and if leveraged properly, most dealerships should be able to keep the actual risk of vehicle theft to a minimum.
This is a contributed collaborative post
