It happens a lot. Most times the victim vehicles are Toyota pick ups, usually Tacomas. The cat is easy to get to and someone with a cordless sawzall can have one out in no time. Steal a few a night and you can make some quick cash.
it happens alot here in sac. stopped a group of 5 guys trying to cut my brothers out of his tacoma a few years ago at like 330 am. heard wrenches dropping outside. Ive noticed if they are welded on they sometimes just cut the thing out but welding the nuts does help alot so they are forced to use a cutting device of some sort.
I just keep cats when they come along from part out rigs and pray they dont steal the one on there. I also park in the garage at night.
I think the belly pan is about as good as you can do . I cant imagine they get much for them at all. its almost always toyota pickups.
ive wondering about welding a plate that says "stolen" on the thing.
I also am thankful they don't steal my 10k winch, its worth much more than a used cat and is right there. thank god they havent realized that yet.
I just hope that all of these stolen cats have a warm bed to sleep in and plenty of cat food. although im pretty sure I know where they end up: http://www.youtube.com/watch?v=1bGVT4-1DBU