The Rise of Catalytic Converter Thefts

Catalytic converter thefts became rampant in the US, with thieves brazenly cutting them off cars in broad daylight. Bloomberg Businessweek contributor Evan Ratliff investigated this phenomenon and discovered a massive illicit industry behind it. Catalytic converters contain precious metals like rhodium, palladium, and platinum, which saw a surge in value during the pandemic due to supply chain disruptions. The stolen converters were collected by middlemen like Tyler Curtis, who ran a booming business buying them in Tulsa, Oklahoma. The converters were then sent to DG Auto in New Jersey, a major player in the illicit trade. DG Auto had connections with Doha, a refiner in Japan, where the converter dust was turned back into valuable metals. The complex criminal supply chain involved millions of dollars in cash and left legitimate recyclers struggling to combat the problem.