The Devastating Cost of Car Theft in America – This Startup Is Looking To Save Americans $24 Billion a Year

You might not believe it, but car theft is on the rise. Older cars were typically easier to steal because of reduced anti-theft features, but it seems the edge of modern cars is waning. Car thefts bottomed out in 2014, with a relatively flat car-thefts-per-capita rate between 2010 and 2019.

But that’s quickly changing. A massive increase in car thefts occurred in 2020, and 2021 saw the most car thefts since 2008. 

One startup, MaxTracker, is trying to combat this trend that’s costing Americans as much as $24 billion per year in car thefts and $350 million in bike theft. MaxTracker is a startup raising on StartEngine, which means anyone can invest in this high-growth startup for a limited time.

Why it matters: Car theft is on the rise, and losing a car can be a significant hit to any family. MaxTracker wants to solve this with its innovative GPS and 5G platform.

MaxTracker is building a number of devices using GPS technology and 5G connectivity. You can use an app on your phone to track your car, bike or your child’s backpack anywhere, anytime. Unlike Apple’s AirTags or Tiles, these don’t rely on Bluetooth technology so they’re not limited to being within 30 feet of your phone. 

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In 2020, there were roughly 810,000 car thefts in the United States. That increased to 932,329 in 2021 and reportedly closed in on 500,000 in the first half of 2022. Regardless of the increasing trend in car lefts, the number has averaged over 700,000 thefts per year, which is likely concerning to most people. 

With the average cost of a car continually on the rise and cars typically being one of the biggest assets a family owns, a stolen car could cripple a family's finances. The financial burden of having to buy a new car, miss work to sort out another mode of transportation and the increased insurance premiums would be a disaster for any family. 

MaxTracker is open for investment for a limited time, but it’s important to note that startup investments are speculative and illiquid, so do your own research and never invest more than you can afford to lose.

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