Daily News | What we know about TDI Towing and the Philadelphia-based catalytic converter theft ring
The nearly yearlong sting by more than two dozen law enforcement agencies across Pennsylvania and New Jersey resulted in charges against 10 adults — including Michael Williams, the owner and operator of Northeast Philadelphia tow yard TDI Towing — and an unnamed 17-year-old.
The rare metals fetch high prices in the resale market. The current price for approximately 31 grams of platinum is $918, $1,256 for that amount of palladium, and a whopping $4,000 for that amount of rhodium, according toThieves called “cutters” will jack up a car and slide underneath, often using a battery-powered saw to shear the catalytic converter from the car. Thieves have grown so skilled they often cut the car parts in broad daylight.
The metals can be sold for a steep profit. Williams and TDI Towing sold the metals for an average 8% profit, Weintraub said.Elevated trucks are often easy targets for thieves because they don’t need to use a carjack to access the catalytic converter. Hybrid cars such as Toyota Priuses are also prized targets because catalytic converters in hybrid cars contain more of the precious metals.
At the peak of its operation, TDI Towing was paying thieves as much as $10,000 a night for stolen catalytic converters, he said. Over three years, TDI Towing purchased an average of 175 catalytic converters a week, or 27,300, during the three-year span.
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