Fleet assets — from vehicles and equipment to tools and replacement parts — typically come with a pretty hefty price tag, so ensuring you get the maximum ROI out of them is a big deal. Unfortunately, even the most stringent preventive maintenance programs can’t account for something like theft, which increased significantly in 2021 and 2022. And the numbers tell a compelling story. According to the National Insurance Crime Bureau (NICB), “More than 1 million vehicles were stolen [in 2022], marking a 7% increase over 2021, [12% over 2020 and 20% over 2019],” with Chevrolet, Ford and GMC pickups being listed among the top 10 targets.
Additionally, the Council on Criminal Justice noted that motor vehicle thefts increased by more than 15 percent in the first half of 2022 compared to the same time in 2021. This has affected many fleet-driven businesses nationwide that have experienced an uptick in vehicle, parts, and equipment theft. Fortunately “collaboration between law enforcement, multi-jurisdictional auto theft task forces, governing bodies, vehicle manufacturers, and NICB” have reduced the number of vehicle thefts by 17% nationwide from 2023-2024, according to NICB’s 2024 Vehicle Theft Trends report.
While vehicle theft rates have — thankfully — taken a downturn, the dramatic increase in the early 2020s highlighted the need for fleets to focus on asset security.
True Cost of Fleet Asset Theft
Strengthening asset security isn’t just about preventing loss — it’s about ensuring productivity and minimizing negative impacts to your bottom line. Theft can cost fleets not only the value of the stolen asset but also recovery and replacement expenses, as well as increased insurance premiums. When assets go missing, downtime follows — drivers can’t work, jobs get delayed, and customer satisfaction takes a hit. Factor in any tools, equipment, or cargo that may have been in the vehicle and the financial hit grows. But fleets can reduce the chances of these losses and avoid the ripple effect of unplanned costs and downtime by implementing robust security measures.
Tips for Improving Fleet Security
Many fleets are already using some type of asset tracking technology, whether telematics or fleet management or optimization platforms, but there are also other practical steps you can take to improve the fleet’s security. Let’s take a look at a few:
1. Increase Asset Visibility
Branded assets are less appealing to thieves; vehicle wraps and decals not only boost your brand but also make assets easily identifiable, reducing the likelihood of theft. After all, a stolen Oscar Meyer Wienermobile might make headlines, but it’s far less likely to vanish unnoticed than an unmarked truck.
2. Geofencing and Location Tracking
Fleets can help secure assets by setting virtual boundaries around operational areas, parking lots, or jobsites using telematics. This option provides real-time alerts if an asset moves outside its designated zone, which not only serves to deter theft but also speeds up recovery if theft occurs.
3. Theft Avoidance Training for Drivers
Equip your team with the knowledge to prevent theft by training drivers to secure assets — locking doors, rolling up windows, storing tools out of sight, etc. Teach them how to spot signs of tampering or suspicious behavior, but remember to emphasize fleet safety protocols to avoid risking injury or worse.
4. Modernize Key Management
Make sure the keys to your assets are secure and can be accounted for. While lost keys are costly, unsecured ones invite theft. Digital key management systems, like Keycafe, use smart lockers and cloud tracking to ensure keys are secure, accessible only to authorized users, and monitored in real time.
5. Implement Digital Fleet Solutions
Digital fleet solutions, like Fleetio’s fleet optimization platform, provide visibility into asset status, driver assignments, and equipment use. Assigning assets to specific drivers increases accountability, making it harder for theft to go unnoticed.
How Fleetio and Keycafe are Improving Security
Fleets can take a number of steps to mitigate the risk of theft, including geofencing, location tracking, theft avoidance training for drivers, key management, and implementing an integrated fleet management system, like Fleetio. Integrating Fleetio with other fleet and business solutions allows for automatic data collection and consolidation so you can monitor asset security with the added benefit of receiving real-time alerts when something’s amiss — which can increase the chances of asset recovery in the event of a theft.
Integrating Fleetio and Keycafe makes for a powerful security combo. Assigning drivers and assets in Fleetio enables you to keep track of who’s got a specific vehicle, when, and for how long. You can also include comments in any assignment to keep up with important information like routes, jobsite location, number of deliveries, and so on. Once you create an assignment in Fleetio, Keycafe automatically generates an access code for the driver assigned, ensuring better security and driver accountability.
