DAMN THIEVES!
As prices of precious metals skyrocket, thieves are targeting an obscure component of automotive exhaust systems in lightning thefts that can be accomplished in less than a minute, police and automotive experts say.
The component is the catalytic converter, which has been a mandatory part of exhaust systems since 1975. Police across the country say they have seen a dramatic rise in thefts of the components in recent months.
If you peer inside a used catalytic converter, nothing looks salvageable, much less valuable. But some of the gray gunk in there hides three expensive precious metals.
Catalytic converters have only small traces of the metals — platinum, palladium and rhodium — but there’s enough in them for a thief to resell stolen units for up to $200 apiece. Rhodium is among the most expensive metals on Earth, commanding as much as $6,000 an ounce on the open market.
Scrap dealers “are paying top dollar — platinum, palladium, rhodium inside of them — and they’re getting top dollar” on resale, said Jack Bell of North Shore Towing, which tows vehicles for the Evanston, Ind., police.
“The word spreads real quick about it, what they’re worth,” said Marty Antonelli of Marty’s Welding and Muffler Shop in Pittsburgh. “Everybody is on them now.”
Easy to find = easy to steal
The converters are inviting targets because they’re easy to grab. Mounted on the exterior undercarriage of vehicles, they can be removed in about a minute with any standard metal cutting tool. An enterprising thief in a crowded parking lot or garage can make off with enough converters to clear $2,000 or $3,000 in half an hour.
“These thieves are targeting shopping malls, school parking lots, busy business districts, and they are hitting these places in the daylight,” said Jennifer Krings, a spokeswoman for AAA. “A lot of the large passenger cars — SUVs, trucks and vans — have two, so those are a target.”
Rest of the story found here:
http://www.msnbc.msn.com/id/23117250
As prices of precious metals skyrocket, thieves are targeting an obscure component of automotive exhaust systems in lightning thefts that can be accomplished in less than a minute, police and automotive experts say.
The component is the catalytic converter, which has been a mandatory part of exhaust systems since 1975. Police across the country say they have seen a dramatic rise in thefts of the components in recent months.
If you peer inside a used catalytic converter, nothing looks salvageable, much less valuable. But some of the gray gunk in there hides three expensive precious metals.
Catalytic converters have only small traces of the metals — platinum, palladium and rhodium — but there’s enough in them for a thief to resell stolen units for up to $200 apiece. Rhodium is among the most expensive metals on Earth, commanding as much as $6,000 an ounce on the open market.
Scrap dealers “are paying top dollar — platinum, palladium, rhodium inside of them — and they’re getting top dollar” on resale, said Jack Bell of North Shore Towing, which tows vehicles for the Evanston, Ind., police.
“The word spreads real quick about it, what they’re worth,” said Marty Antonelli of Marty’s Welding and Muffler Shop in Pittsburgh. “Everybody is on them now.”
Easy to find = easy to steal
The converters are inviting targets because they’re easy to grab. Mounted on the exterior undercarriage of vehicles, they can be removed in about a minute with any standard metal cutting tool. An enterprising thief in a crowded parking lot or garage can make off with enough converters to clear $2,000 or $3,000 in half an hour.
“These thieves are targeting shopping malls, school parking lots, busy business districts, and they are hitting these places in the daylight,” said Jennifer Krings, a spokeswoman for AAA. “A lot of the large passenger cars — SUVs, trucks and vans — have two, so those are a target.”
Rest of the story found here:
http://www.msnbc.msn.com/id/23117250
