An estimate published in February 2023 put the number of catalytic converter thefts during 2022 at around 77,000. The new estimate was compiled from millions of service records but a report by Carfax says that figure underestimated the number of catalytic converters that were stolen in the U.S. during 2022. Their estimate ups what they believe the true number to be as many as 153,000. Catalytic converters are valuable because of the precious metals in them, which yield high prices on the black market. The part is also quickly and easily stolen and not easily obvious when they are taken according to experts like Rich Randazzo, president of Brownyard Claims Management. These catalytic converter thefts have spiked recently as a result of the war in Ukraine with Russia, one of the main suppliers of palladium, one of the precious metals in the device.