SYNETIQ, an IAA company, one of the UK’s leading integrated vehicle recycling companies has launched a new supply and fit service to support insurance clients facing increasing claims in catalytic converter theft.
The service has been introduced to help reduce vehicle off-road time for policy holders after clients continue to report ongoing back-log issues with new OEM replacement parts.
Catalytic converters are devices fitted to vehicle exhausts to reduce the amount of gases emitted. They’re targeted by thieves for their valuable metal and can be removed in less than a minute.
Run through SYNETIQ’s Mechanical Solutions service, a pilot scheme with NFU Mutual has seen 17 successful catalytic converter repairs using green parts from SYNETIQ’s stock. Using the service, NFU Mutual has achieved a 38% cost saving and vehicles were back on the road within 10 working days.
Green parts are OEM, non-safety critical items – such as doors, engines, headlamps and tailgates. Eliminating delay through supply chain issues, the use of green parts ensure vehicles are fixed faster and in a more sustainable way.
In 2020, the Met police investigated 15,000 catalytic converter thefts compared to 9,500 in the previous year*. Thefts continue to be an issue with NFU Mutual reporting a 12% increase in catalytic converter claims in 2022 compared to the previous year.
Sarah Hirst, Client and Green Parts Director said: “Clients are turning to us to provide a cost effective, swift and sustainable solution to get policy holder vehicles back on the road.
“Due to the sheer number of thefts each year, the supply chain is struggling to keep up with new part demand and our solution offers a complete service all under one roof. This includes vehicle collection, sourcing the green part and fitting it through our mechanical team and returning the vehicle to the policyholder.
“The pilot scheme with NFU Mutual has been really successful and we’re proud to now offer this service as an additional solution to our entire client base.”
Dave Rossall, Head of Motor Claims at NFU Mutual, said: “We saw an increase in catalytic converter thefts last year, so this successful pilot is a timely indication of how, working with SYNETIQ, we can help our customers get back on the road as soon as possible.
“As a business committed to making a positive impact for our communities and for the environment, NFU Mutual is excited by the opportunities the use of green parts provides for reducing waste and emissions.”
*BBC.co.uk
Forward-Looking Statements
IAA Holdings, LLC (as successor to IAA, Inc.) (“IAA”), a leading global digital marketplace connecting vehicle buyers and sellers, is now a subsidiary of Ritchie Bros. Auctioneers Incorporated. This release includes forward-looking information within the meaning of Canadian securities legislation and forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995 (collectively, “forward-looking statements”). 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