As previously reported in Auto Remarketing, there were more than 52,000 reports of stolen catalytic converters in 2021, which was a 13-fold increase from 2019, according to the National Insurance Crime Bureau (NICB).

ACV is looking to help dealers have more confidence that their next piece of inventory hasn’t been impacted by criminals with its latest advancement in artificial intelligence and a solution that detects “with extremely high accuracy” the presence of catalytic converters.

ACV’s Virtual Lift can provide dealers with a “clear and accurate” view of the vehicle’s undercarriage, ensuring an unobscured view of the exhaust system. The company’s machine learning capability now offers an added layer of confidence to the buying process with detection algorithms that confirm the presence or absence of catalytic converters within the Virtual Lift imagery.

ACV, NICB and other officials explained that a catalytic converter is an essential vehicle part that is often stolen for its valuable metals including rhodium, palladium and platinum. Unknowingly acquiring a used vehicle without a catalytic converter can cost the dealer up to $2,000 per instance.

ACV’s AI technology is a value-added tool for dealers to protect themselves against a national spike in catalytic converter thefts.

“As a trusted partner, our dealers rely on ACV to leverage our experienced team of over 800 inspectors armed with our proprietary technology and data capabilities to enhance our vehicle inspections and bring the best and most accurate data possible into our marketplace,” ACV chief operating officer Vikas Mehta said in a news release.

“With margin pressure on trades and resales coming from all directions, it is critical that every aspect of the vehicle’s condition is accurately and completely depicted so that dealers can maximize their profits,” Mehta continued

ACV pointed out that rising market values for the metals, paired with the relative ease with which a vehicle’s catalytic converter can be removed, have led several state legislative bodies to approve legislation aimed directly at combating and preventing this increasingly common crime.

A federal measure also is in the works, too.

“With the mission of providing exceptional trust and transparency to its dealer partners, ACV continues to invest heavily in technologies that provide the highest integrity inspections and condition reports for the marketplace,” the company said.

“Even more important in the world of digital-only transactions, ACV’s Virtual Lift machine learning capabilities, along with the machine learning models being used to train ACV’s library of patented and proprietary Audio Motor Profile (AMP) recordings, continue to set the gold standard in accurately capturing vehicle condition while solving industry challenges and protecting dealer partners,” the company went on to say.