Vehicle tracking and management company CalAmp (Nasdaq: CAMP) in Irvine has launched LoJack España, a wholly owned subsidiary in Spain to provide vehicle connectivity and anti-theft protection.
LoJack Stolen Vehicle Recovery (SVR) tools help automotive and motorbike dealers, insurers, rental companies, construction OEMs and enterprises proactively monitor and manage their fleets and protect against losses due to theft.
“Spain has historically ranked third—only behind Italy and the United Kingdom—among European countries with the highest vehicle theft rates,” CalAmp said in a statement today. The company said LoJack España “aims to not only combat cases of theft but also improve recovery rates for stolen vehicles.”
Shares in CalAmp closed down 0.9% at $13.71 apiece for a market cap of $483 million.