Asset tracking vehicle theft prevention and recovery

The theft of assets, equipment and vehicles, whether powered or non-powered, is a growing concern. According to the European Rental Association: “equipment theft is a huge problem in all European countries estimated to cost the rental industry, the construction and the agricultural industries approximately €1.5 billion per annum across Europe”(1) and, the problem is growing.

This association estimated the value of stolen equipment “to exceed €500 million per annum. Also, this figure includes around 30,000 units of heavy equipment with an average value of €10,000 per unit”. And, the rate of recovery of stolen equipment is very low - “varies from 5% to 20%, depending on the country, and this compares with a rate of recovery of 50% to 60% for other vehicles like cars”. (2) This has a negative economic impact for businesses.

Equipment, trailer and asset theft comes with a hefty price for fleet managers, making robust security measures and implementing effective tracking systems critical to mitigating losses. Implementing GPS asset tracking can support vehicle theft prevention programs and assist with vehicle recovery efforts when theft occurs.

Vehicle theft prevention with GPS asset trackers

Fleet managers are responsible for keeping track of vehicles and drivers as well as the necessary equipment for daily operations and of course, the cargo. GPS asset tracker anti-theft devices can prove invaluable for fleets that manage a variety of trailers, equipment, vehicles and valuable assets. By using tamper-proof equipment asset trackers, fleet managers can remotely locate and manage valuable items like generators, equipment and other assets.

A discreet GPS tracker for assets utilises a small, mountable battery-powered unit to monitor the location and status of equipment throughout the day. These also give fleet managers a greater depth of data in addition to their existing telematics system. Fleet managers can utilise equipment asset trackers to benefit their day-to-day operations by:

• Gaining location visibility on valuable assets alongside fleet vehicles by using an asset tracker device for heavy equipment.
• Creating geofences with custom, virtual perimeters to see job site visits, duration and asset use frequency.
• Monitoring shipments to give customers prompt updates on location and delivery ETAs.

Furthermore, fleet managers can educate their drivers and field workers on some basic tips to help them reduce the likelihood of asset, cargo or vehicle theft. Vehicle theft can be prevented by following these steps:

• Always lock vehicles.
• Securely padlock trailers, cargo, or heavy equipment.
• Avoid parking or leaving assets in remote areas whenever possible.
• Opt for well-lit parking areas equipped with security cameras or personnel.

How setting Geofences can notify of theft and unauthorised use quickly

Telematics, particularly GPS geofencing, can significantly aid in combating theft or unauthorised usage of powered and non-powered assets. Fleet managers can draw virtual boundaries around job sites, businesses, residences or any physical location on a map, allowing them to continuously track company assets and vehicles, and exit and entry into these locations. Improved location reporting and flexible ping rates provide valuable insights into the whereabouts and usage patterns of trailers, containers and other assets.

If assets or vehicles are being used outside of work hours or if equipment is taken to unauthorised locations, managers receive a near real-time alert. A customisable alert can be sent straight to a mobile device about activities like:

• Location within/outside of geofence location
• Ignition/idling
• Inactivity
• Late start
• Entrance and exit events
• Sensor activation

To enhance security for equipment that should remain stationary, like trailers or cargo, managers can create virtual perimeters around the equipment, triggering alerts whenever a piece of equipment is moved.

Learn more about how using Verizon Connect’s GPS tracking system to manage your powered and non-powered assets can help you keep your valuable assets safe while simplifying your day-to-day operations, positively impacting your bottom line.

Locate assets with near-real time GPS vehicle theft recovery devices

As important as it is to protect against asset theft or unauthorised use, asset and vehicle tracking software can also act as a means to recover stolen equipment or vehicles. Asset trackers can act as a theft recovery device by providing near-real time location and are designed to be discreet to help reduce the likelihood of perpetrators tampering with them.

The near real-time alerts delivered from a GPS tracker for equipment allow fleet managers to notify the police of unauthorised use or suspicious movement as soon as possible — speeding up stolen asset recovery. Police can be quickly provided with critical applicable information, such as number plate details, vehicle identification number (VIN) or description.

Easier Recovery with Proprietary EAT

Verizon Connect EAT is now available for Verizon Connect Fleet and Reveal for the United Kingdom, Ireland, France, Germany and Italy, and in Portugal only for Reveal.

With a focus on simpler installation and an enhanced user experience across asset-only and mixed fleet customers, the Verizon built EAT device is interoperable with a wide variety of assets, over-the-air upgradeable and secure by design. Key features:

• Wired and Battery Options: The EAT device comes in two versions: a wired-install version (EAT) for powered heavy equipment, such as yellow iron and tractors, and a battery-powered version (EAT-B) for equipment that doesn’t have a power source, including trailers and dumpsters.
• Compact Size: The small and sleek form factor means discreet installations to help recover assets in case of theft, even on assets without power (by using the battery-powered equipment asset tracker, EAT-B).
• Ping Configurations: Both the EAT and EAT-B provide a wide library of available configurations to meet customer business requirements, including a ‘ping’ on movement.
• Customer Managed Installation: The ability to self-install reduces the time for customers to get up and running, quickly and easily.
• Extended Battery: A longer battery life of up to 10 years means the device needs to be exchanged less frequently.^[1]
• LTE Capable: Better coverage with CATM LTE, a low power wide area (LPWA) IOT LTE standard supported across mobile networks, to enable connectivity even without 2G and 3G network availability.

Anti-theft devices can help reduce insurance claim costs

Given today’s inflated insurance prices, keeping insurance costs under control is a key priority for businesses. Many major insurance companies may provide a discount for having a GPS tracking system in place.

Using GPS asset tracking to help mitigate theft and to potentially increase the likelihood of stolen asset recovery can help reduce total loss claims – saving both you and the insurance company money, improving your bottom line.

To get a detailed walkthrough of how asset tracking technology can benefit your organisation, schedule a demo today.

^[1] EAT battery lasts approximately 7000 pings, or 5 years at 4 pings per day; EAT-B lasts approximately 14,000 pings, or 10 years at 4 pings per day. Battery life is estimated for use under optimal conditions. Factors such as low network signal strength, obstacles and temperature can reduce battery life.

Sources:

• (1-2) https://erarental.org/publications/era-guide-for-theft-prevention/