Catalytic converters contain a catalyst that helps convert pollutants like smog in exhaust systems into less harmful ones. Most vehicles that run on gasoline, including buses, trucks, motorcycles and automobiles have exhaust systems that use catalytic converters. In 2022, 5548 converters were stolen from motor vehicles in New York City.
Former crime analyst supervisor, Christopher Herrmann, explains that these devices are stolen as they contain metals like platinum and palladium which can be extracted and sold for up to $500 to scrap yards. It costs about $2000-$3000 to replace a converter as the damaged electric lines, fuel line and undercarriage also have to be fixed.
To help curb this theft, prosecutors, police and even legislators in the state implemented various measures, including increased enforcement. For instance, Governor Kathy Hochul signed S.9428 to counter the theft in an effort to keep New Yorkers and their property safe. The measure imposes restrictions on the possession, sale or purchase of catalytic converters by scrap processors and vehicle dismantlers.
It appears to be effective as new crime data shows that in 2024, the number dropped to 1,467. In May, the NYPD recorded 648 thefts in the city.
Data from State Farm also shows that in 2023, they registered over 20,000 claims of converter thefts countrywide. This is quite a decrease from the 45,000 claims registered a year prior. State Farm is an insurance company providing auto, home, life, and health insurance, as well as financial services.
When auto theft experts and police were asked what they attributed the sharp decline in thefts to, the NYPD revealed that in 2022, they implemented a free catalytic converter etching program that allowed vehicle owners to engrave a trackable identifying number on the converters and coat them with acid.
The law also requires new car dealers to stock catalytic converter etching kits and engrave unique serial numbers on the components so they can be tracked in the event they are stolen. Additionally, vehicle dismantlers are required by law to maintain records of catalytic converter numbers they receive every 60 days and report the figures to relevant authorities.
Furthermore, individuals found stealing these devices in different regions in the country have been caught and charged. In 2022, federal prosecutors charged over 20 individuals for participating in a countrywide converter theft ring that generated millions of dollars. Among those charged are the owners of an automotive business based in New Jersey and several Long Island residents.
The running battles that law enforcement is having with catalytic converter thieves illustrate how valuable the platinum group metals that go into these vehicle components are. As companies like Platinum Group Metals Ltd. (NYSE American: PLG) (TSX: PTM) progress with their operations aimed at developing new mines for these minerals, a hungry market awaits every ounce of product they avail to the market.
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