It’s unfortunate but true. When economic downturns takes hold, and employment income becomes less available and more competitive, a percentage of the population turns to criminal behaviour.
Property Crimes Rise in Economic Downturn
Every recession since the ’50s has seen an associated increase in property crime. In particular motor vehicle and materials theft. Quantifying the theft of vehicles and materials with insurance claim data it’s easy and shows a strong correlation with economic indicators. For example, property crime rates peaked at the height of the recession in the early 1980s. Then dropped in stride with a recovery that lasted close to a decade before again rising sharply through another significant economic downturn in the early ’90s. The more expense and lost productivity attributed to the vehicle, equipment, and materials theft can have a devastating impact when a company can afford it least.
Fleet Operators Must be Extra Vigilant
The lesson here is that in economic downturns fleet operators must not only find ways to operate more efficiently and productively but also to be extra vigilant. Theft of vehicles, equipment and other mobile assets are easily detected with a GPS tracking system and can lead to the quick recovery of valuable assets. This helps avoid the significant financial implications of theft including deductible payouts, rising premiums, replacement costs, not to mention lost productivity. GPS tracking has also helped uncover the theft of company materials. Moonlighting employees using company vehicles and materials on side jobs, unscheduled stops at the warehouse or personal vehicles filled using the company gas card are all real-life examples of incidences discovered with the help of a modern GPS tracking system.
Vigilant fleet operators turn to innovative business solutions like Titan GPS to help them through down swings and set themselves up for a stronger recovery when economic tides again shift back.