Catalytic Converter Theft Targeted with New F&I Offering
San Diego company offering two-part protection plan for vehicle owners, including unique identification numbers, to shield them from ballooning thefts.

San Diego company offering two-part protection plan for vehicle owners, including unique identification numbers, to shield them from ballooning thefts.
IMAGE: Getty Images/BanksPhotos
A San Diego-based finance and insurance provider executive created a product to combat growing catalytic converter thefts.
Brian Murphy, president of Auto Prime Financial Services, introduced SAFECAT, which marks converters with vehicle identification numbers and triggers reimbursements for stolen exhaust-system devices.
Converters attract thieves, who covet the expensive precious metals used to make them, such as platinum, and can often sell them for hundreds of dollars each on the black market.
The thefts have been rising; the National Insurance Crime Bureau estimates that the exhaust system device theft rate rose 326 percent in 2020 and 353 percent in 2021. Replacing them can cost up to $2,500.
The value of some metals used to make the devices has exploded. For instance, 40 percent of palladium is sourced from Russia, so the war in Ukraine has disrupted its supply.
Thieves often target SUVs and pickups because they’re easier to scoot underneath to steal the devices, and converters have heretofore been hard to trace. With SAFECAT, the devices get a VIN registered in a national database.
Auto Prime also offers vehicle owners warranties to replace stolen converters.
A bill has been introduced in Congress to require that new vehicles’ converters have identification numbers stamped on them and to make theft and trafficking of stolen devices a federal crime.
Originally posted on Auto Dealer Today
More F&I

Own Your Outcome: F&I in the Digital Customer Journey
Finance has historically been the last step in the car-buying process, but it doesn’t have to be. The customer’s journey starts long before they arrive at the dealership, and so should F&I’s involvement.
Read More →
Tariffs Could Raise Insurance Premiums
As U.S. import tariffs affect repair costs, consumers might find it more affordable to replace a damaged vehicle, according to recent Insurify tariff analysis.
Read More →
Smaller Loans, Longer Terms
The youngest generation of car buyers is more likely to finance less expensive vehicles, more than half of generation Z consumers borrowing less than $25,000.
Read More →
New Lifetime Battery F&I Product Meant to Drive Dealer Traffic
EFG Cos. offering is intended to create lifetime auto dealer engagement with customers.
Read More →
The Psychology Behind Menus That Increase Add-On Sales
There is a science to crafting a menu that gives customers confidence in the choices presented, and moving the process outside the F&I office can further boost results.
Read More →
Why Your F&I PVR Is Misleading You
Here’s a handy checklist of the numbers to track in 2026 instead.
Read More →
Auto Consumer Anxiety Presents Opportunity
A survey of U.S. drivers found the majority are concerned about finances and the economy, but those fears make many ready to buy vehicle-protection products.
Read More →
Humble and Hungry: 12 Rules for an F&I Life
Dustin Gingerich, with a decade in the F&I business under his belt, shares his thoughts on leadership, building trust with customers, and the importance of learning and innovation.
Read More →
Focus on the Opening
F&I managers must learn as much as possible about their customers, starting before they walk into their offices. The bulk of today’s consumers expect that, and good results will follow.
Read More →
F&I Reaches for the Sky
The increasingly important profit center continued making gains in the first quarter, according to StoneEagle data, ancillary products proving more popular as consumers hold onto their buys longer.
Read More →