I consulted for an automobile manufacturer that was looking to acquire a new catalytic converter start-up.

One of the main reasons for their interest was the fact that this new catalytic converter used 30% less palladium than the next leading product.

The other was because of the looming fleet fuel efficiency requirements. If the total fleet fuel efficiency was below the target, the companies would get fined for emissions on a mpg basis. You could also earn additional revenue if your cars had better mileage than were necessary since credits were tradeable.

Other things that were considered included mileage improvements/savings that could potentially be used to differentiate between competitors since catalytic converts could also improve fuel efficiency.