Theft of vehicles and equipment costs fleets an average of £16,253 each year, with the average business having at least one vehicle stolen annually.

The research provides a stark warning to drivers and businesses that leave their vehicles unattended for long periods, who are at risk of significant financial loss as well as vehicle downtime

And businesses with between 101 and 250 vehicles are facing average annual losses of nearly £50,000 as fleets fail to make use of the latest technology to protect their assets.

The data has been revealed by Verizon Connect just months after latest ONS data showed vehicle theft rose 7% in the 12 months to June 2019.

Verizon Connect also warns that businesses could be doing more to prevent theft. More than half (58%) of fleet managers in the survey said they don’t use technology such as immobilisation devices to assist in the recovery of stolen vehicles. As a result, only 44% of businesses who reported a vehicle or equipment stolen have been able to recover it in a usable condition.

Derek Bryan, vice president EMEA, Verizon Connect, said: “For many businesses across the UK, vehicles and the equipment inside, are their livelihood – theft represents a huge cost, not just in terms of the lost vehicle or equipment, there’s the additional cost through lost business. With vehicle crime on the rise, fleet and business managers need to be extra vigilant.

“Technology can not only track the location and status of a vehicle but can also remotely disable a vehicle’s ignition once the vehicle’s engine has been shut off, effectively stopping vehicle misuse in near real-time. This not only helps prevent the unauthorised use of vehicles, it helps businesses run more effectively by better monitoring fuel usage, safety metrics and managing customer expectations.”