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Car theft skyrockets thanks to rising parts prices

Cars and trucks today have achieved a high level of average quality, with safety and technology features that keep occupants safer than ever and meet consumers' high expectations. But the National Insurance Crime Bureau finds that those components come with a rising price tag, leading to expensive repair bills — and rising vehicle thefts to support a thriving black market for parts. The nonprofit NICB said it looked at the cost of replacement parts for the top 10 stolen 2016 models, with average OEM part prices pulled from a database of more than 24 million vehicle damage appraisals generated for 2016 and 2017 insurance claims. The list did not include major components like engines or transmissions, only easily-stripped components like bumpers, doors, hoods and headlights. It found that: The 2016 Toyota Camry, which had a used market value of around $15,000, had 15 commonly replaced parts that added up to almost $11,000, not including labor, with quarter panels alone costing almost $1,600 a pair and a set of alloy wheels tallying more than $1,600. The Camry was also the top stolen vehicle in 2016 at 1,113 thefts. A 2016 Nissan Altima had 14 standard parts worth more than $14,000, including a single headlamp assembly that costs just over $1,000. The Altima was the second-top stolen vehicle in 2016 at 1,063 vehicles stolen. And the 2016 GMC Sierra pickup, which was No. 7 on the 2016 top-stolen list, rang up $21,000 from 20 standard components, including an $1,100 headlamp assembly and an $1,100 rear bumper. "For the professional theft ring, stealing and stripping vehicles for parts has always been a lucrative business," Jim Schweitzer, NICB's senior vice president and chief operating officer, said in a statement. "On today's cars and trucks, the parts are often worth more than the intact vehicle and may be easier to move and sell. That's why we see so many thefts of key items like wheels and tires and tailgates ... there's always a market for them." Check out the NICB infographic below. Vehicle thefts in the U.S. rose by more than 4 percent in 2017, based on preliminary FBI data, after rising 7.6 percent in 2016, though the overall trend has been down since vehicle thefts peaked in 1991, according to the NICB. Related Video: Image Credit: National Insurance Crime Bureau Aftermarket GMC Nissan Toyota Auto Repair Insurance Ownership auto parts car values stolen car nicb national insurance crime bureau components

GM alerting truck and sedan owners to a do-over on brake recall

A recall campaign intended to address issues with braking systems on certain 2019 General Motors trucks and sedans may have introduced a new issue, the automaker has acknowledged, and thousands of owners driving repaired vehicles may need to return to their service departments for another update.  The update addresses a fix that was pushed out to owners of more than half a million brand-new GM trucks and sedans that could potentially lose partial braking function, according to the Detroit Free Press. The original software fix helped address situations where the vehicles' anti-lock braking systems would become disabled, which in turn would prevent electronic stability control from activating. Vehicles subject to the recall would often experience software glitches that prevented them from properly communicating the operational state of these systems, meaning drivers would have no idea that their brakes may not behave as expected in an emergency. The 2019 Chevrolet Silverado 1500, Cadillac CT6, and GMC Sierra 1500 were all recalled in the original campaign.  Unfortunately, the early version of this fix appears to have introduced yet another software glitch, indicating that the original fix did not do the trick. Those who have not yet had their cars serviced can rest easy; they will only receive the most up-to-date version of the software fix.  Related video    

GM extends vehicle production cuts into mid-March due to global chip shortage

DETROIT — General Motors said on Tuesday it was extending production cuts at three North American plants until at least mid-March due to the global semiconductor chip shortage, while vehicles at two other factories would only be partially built. GM, whose shares dipped 1% after the announcement, did not disclose the impact volumes or say which supplier and vehicle parts were affected by the chip shortage. But it said it would focus on keeping production running at plants building its highest-profit vehicles, full-size pickup trucks and SUVs. GM said it intended to make up as much lost production as possible once the shortage chip eased. "Semiconductor supply remains an issue that is facing the entire industry. GM's plan is to leverage every available semiconductor to build and ship our most popular and in-demand products," GM spokesman David Barnas said. GM said it was extending downtime at its U.S. plant in Fairfax, Kansas, its Canadian factory in Ingersoll, Ontario, and its Mexican facility in San Luis Petosi until mid-March when it would reassess the situation, he said. In addition, GM would build but leave incomplete for final assembly vehicles at Wentzville, Missouri, and its Mexican plant at Ramos Arizpe. GM vehicles affected by the idled plants include the Chevrolet Malibu sedan, Cadillac XT4 SUV, Chevy Equinox, and GMC Terrain SUVs. Vehicles to be left incomplete for now included the Chevy Colorado, GMC Canyon pickups and Chevy Blazer SUV. This week, GM had said it was idling the three factories where it has now extended downtime and said it would halve production at a plant in South Korea. The chip shortage has affected many automakers, including Toyota, Volkswagen, Stellantis, Ford, Renault, Subaru, Nissan, Honda and Mazda. Asian chipmakers are rushing to boost production but say the supply gap will take many months to plug. German chipmaker Infineon said the shortage would get worse in the near term. The chip shortage is expected to cut global output in the first quarter by more than 670,000 vehicles and last into the third quarter, IHS Markit said. AutoForecast Solutions estimated total lost production this year could reach 1 million vehicles. Honda and Nissan said on Tuesday they would sell 250,000 fewer cars in total this financial year due.