Brazil’s Auto Theft Explosion Is Boon for Ituran Location
This article is for subscribers only.
Brazilians such as motorcycle owner Richard da Silva Tardochi are fueling a boom in Ituran Location and Control Ltd.’s stolen auto tracking business.
Sales in Brazil, home to the world’s highest auto theft rate according to a 2013 ranking of 34 countries, are climbing so fast that the South American nation now contributes as much revenue to Ituran as its home market Israel. Ituran’s stock soared to a record this month and has climbed 57 percent over the past year, rewarding international investors from hedge fund Baupost Group LLC to Aberdeen Asset Management Plc.