Maybe I am naive, but does the bike theft/resale industry still exist in a significant way?

I remember back in the 1970's when bicycling was really big for young adults, bike theft was a huge problem. Professional bike thieves would cut locks, strip down bikes, mix the parts, repaint, and then sell the bikes.

My teen-age neighbor was just such a scoundrel and used his wicked business to fuel his drug consumption.

In those days, it was easy to find and buy hot bikes. Bikes and parts were even sold at flea markets in great numbers.

These days, though, bikes are so cheap and society is so affluent, it seems that bike theft "as and industry" would have a difficult time surviving. Who would buy a hot bike?

Naturally, bike theft has not diappeared, but it seems to be random, unorganized theft almost in the vein of vandalism rather than theft for resale.

What do you know/think?