Scrambling for answers to the steep increase in vehicle thefts across Canada over the past five years, consumers are turning to dealership finance and insurance departments for solutions.
Through the first half of the year, sales of LGM’s theft-related products at dealerships were up roughly 50 per cent across Canada, Schulz said. In particularly hard hit Ontario, the sales increase topped 125 per cent, an LGM public relations contact said. Against this backdrop, the Canadian Automobile Dealers Association has also noted the surge in activity in the theft-related F&I segment.
“At the end of the day, it’s the Canadian public that pays, and it’s the federal government that’s not doing their job,” he said.As consumers wait for answers, the costs are adding up. According to Équité’s June report, insurers paid out more than $1 billion for vehicle thefts in 2022. “You don’t want to be out the differential from what the coverage from insurance will be and the new-car cost,” Schulz said.