Welcome back to the latest episode of The Future of Automotive on CBT News, where we put recent automotive and mobility news into the context of the broader themes impacting the industry.
I’m Steve Greenfield from Automotive Ventures, and I’m glad that you could join us.
Car theft is on the rise in 2023.
This week there’s a new report out from the National Insurance Crime Bureau (or NICB), that shows that 2023 was another record-breaking year for vehicle thefts.
Last year, more than one million vehicles were reported stolen, which was a 1% increase over the previous year.
Vehicle theft rates have risen steadily since 2019. California accounted for the highest number of vehicle thefts nationwide in 2023 with over 208k vehicles reported stolen. Which isn’t surprising, given that California has a population of 39 million people, or almost 12% of the U.S. population.
D.C., Nevada, and Maryland each ranked within the top 10 theft states by theft rate as well as the top 10 states by theft percentage increase.
To compare apples-to-apples, we need to compare States by the percentage of vehicles that are stolen. And for this metric, The District of Columbia wins the prize.
D.C. had the highest theft rate across the nation in 2023 with 1,150 thefts per 100,000 people, which is over three times the national theft rate. That means that more than 1 in 100 cars were stolen in D.C. last year.
Not surprisingly, the NICB reported urban centers and densely populated areas remained hotspots for auto theft.
Criminals are employing increasingly sophisticated methods to steal vehicles, including the use of advanced technology to bypass security systems. From keyless entry hacks to relay attacks on key fobs, perpetrators are exploiting vulnerabilities in modern vehicle security measures with alarming success rates.
The NICB recommends the following tips to help prevent vehicle thefts:
- Park in well-lit areas.
- Close and lock all windows and doors when you park.
- Hide valuables out of sight, such as in the glove box or trunk.
- Do not leave your keys in your vehicle.
- Do not leave the area while your vehicle is running.
If your vehicle is stolen, call law enforcement and your insurer immediately because reporting a vehicle as soon as possible after it is stolen increases the chance of recovery.
Companies to watch
So, with that, let’s transition to Our Companies to Watch.
Every week we highlight interesting companies in the automotive technology space to keep an eye on. If you read my weekly Intel Report, we showcase a company to watch, and take the opportunity here to share that company with you.
Botdoc
Today, our new company to watch is Botdoc.
Botdoc provides the first ever easy, remote, real-time, digital, secure file transport service that works via text messaging and email with end-to-end encryption, helping dealers ensure compliance with the FTC Safeguards Rule.
Dealerships can be up and running with Botdoc’s encrypted solution in minutes. Your sales staff can still use the same devices they’re used to using to send and receive information without requiring the customer to use pins, passwords, logins, apps, or software to download.
In just minutes, your dealerships can set up Botdoc’s solution and receive driver’s licenses, bank account information, and more from customers without using pins, passwords, logins, accounts, apps, or software to download.
If you’d like to learn more about Botdoc, you can check them out at www.botdoc.io
So that’s it for this week’s Future of Automotive segment.
If you’re an AutoTech entrepreneur working on a solution that helps car dealerships, we want to hear from you. We are actively investing out of our DealerFund.
If you’re interested in joining our Investment Club to make direct investments into AutoTech and Mobility startups, please join. There is no obligation to start seeing our deal flow, and we continue to have attractive investment deals available to our members.
Don’t forget to check out my book, “The Future of Automotive Retail,” which is available on Amazon.com. And keep an eye out for my new book, “The Future of Mobility”, which is almost done, and will be out soon.
Thanks (as always) for your ongoing support and for tuning into CBT News for this week’s Future of Automotive segment. We’ll see you next week!
