Vehicle theft can be financially devastating for companies with fleets. This is particularly true for small companies: theft often causes major business interruptions that are difficult to recover from. It’s not just the van theft, but there is a market for second-hand tools causing internal assets to be targeted, too.
Note: “Assets” Include The Valuable Equipment Your Vans Contain, Not Just The Vans Themselves
This article breaks down what asset tracking software is, and how you can use it to secure your investments and prevent loss.
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What is Asset Tracking?
- Asset tracking is the digital tracking of physical assets.
Asset tracking can be done in a number of ways, but for fleet vehicles, GPS asset tracking is the most popular and effective method. An asset tracking system is integral in preventing company loss and deterring thieves.
Risks of Theft
While we’d all like to think it can’t happen to us, unfortunately theft is on the rise in the UK. Recent statistics paint a sobering picture:
- Recent figures from the Home Office showed that vehicle thefts are up almost 50% in the past five years.
- In the 2013-14 financial year, 75,308 vehicles were stolen, but by 2017-18 that had risen to 111,999 – the equivalent of one vehicle being stolen every five minutes, or 300 a day!
- Thefts from vehicles increased by 8.4% in 2017-18, with 280,032 thefts reported
- Research by Logistics UK showed that more than a third of businesses have had a van stolen within the last 12 months
With these numbers, it’s more important than ever to arm yourself with an asset tracking system.
The Real Cost of Theft
Theft of vehicles, the contents inside them, and other assets like tractors has a huge impact on businesses’ bottom line. This is felt particularly by small businesses, as statistics from Logistics UK shows:
- Van equipment theft cost businesses an average of £4,250 in the last 12 months
- Van theft cost tradespeople £264 million per year
- Tool theft from each break-in costs an average of £5,584
- Van break-in costs tradespeople £5,982 in missed jobs, and puts them out of work for 30 days on average!
These figures don’t include the cost of replacing expensive tools and materials, higher insurance premiums, increased operational costs, and staff and customer retention difficulties that result from these thefts.
But what can businesses do to prevent break-ins?
Theft Prevention With GPS Asset Tracking
Because theft is so costly, businesses need to do whatever they can to secure their assets. Incorporating GPS asset tracking into your fleet is the best way to protect your vans and the equipment inside. How does it work?
Catch Theft Immediately
Asset tracking software like Vimcar’s Fleet Geo allow you to get custom notifications when your vehicle is somewhere it shouldn’t be. Establish a geofence around your car park or other area of choice, and if your vehicle crosses the digital barrier, you will get a notification so you can immediately investigate. With an asset tracking system you can also set up a timefence which alerts you to vehicle use outside of your designated time frame.
Recover your Vehicle
With GPS asset tracking continuously recording your asset’s live location, you have a much higher chance of recovering the vehicle. Provide the live location to police, and they can track it down before it’s gone for good.
Vimcar customer Sven Kirchner, managing director of Aircargo & Transport gmbH, successfully recovered his fleet vehicle using Fleet Geo’s asset tracking software.
Sven was at home when he received an unexpected notification from his Vimcar app advising that a vehicle in his fleet was being driven out of hours. He contacted the driver who confirmed he finished hours before. Sven then contacted the police, who were able to quickly locate the vehicle. When they found the van, it had already been partially stripped. But because the vehicle was recovered quickly with Fleet Geo’s GPS asset tracking, they prevented any further loss.
Protect Your Fleet With An Asset Tracking System
Even the craftiest thieves can’t outrun GPS asset tracking. With geofencing, timefencing, and live location tracking, asset tracking software gives you the tools you need to secure your vans and equipment they contain.
Plus, an asset tracking system helps control costs, optimise routes, reduce vehicle misuse, and much more. To learn more about how Vimcar’s asset tracking software can protect your fleet, contact our customer service representatives today.