Australasia automotive cooperative Capricorn has reported another year of outstanding business growth and success.
About $82.8 million in value was returned to its more than 26,000 members across Australia and New Zealand during the 2023 financial year.
This included the distribution of more than $50.1 million in Capricorn Rewards Points earned by members from purchases of almost $3.4 billion from Capricorn Preferred Suppliers.
“This extraordinary sales result represented an increase of 16% compared to the member purchases made in 2022,” says Capricorn.
A trade rebate of $17 million was paid to members in the form of Capricorn Bonus Rewards Points for trade account purchases made throughout the year.
Member shareholders also shared in Capricorn’s 2023 financial year profit by receiving a 7% dividend payment which was fully franked in Australia and partially franked in New Zealand.
The total member distributions paid from Capricorn sales generated in 2023 represents the highest ever return that Capricorn has provided to its members in the company’s almost five decades of highly successful co-operative structured automotive aftermarket-based operations.
Along with the significant growth in automotive parts and business essentials product sales through Capricorn trade accounts during the past year, Capricorn Mutual Limited wrote $121.9 million in gross written protection.
In addition to this, Capricorn Insurance Services wrote $20.6 million in gross written protection.
The year also saw the announcement of a new Capricorn joint venture with leading global automotive tech company Repairify, enabling Capricorn to provide world class remote automotive diagnostics and ADAS calibration capabilities to Australian and New Zealand automotive repairers, service centres and collision repairers.
The Capricorn executive management team, led by group chief executive David Fraser, has diversified with the inclusion of chief technology officer Mary Karborani, chief experience officer Jacky Mills, chief people and culture officer Kerryn Gavin and chief innovation officer Kim Radalj.
These roles are working alongside Automotive chief executive Bradley Gannon and Risk chief executive Rod Scanlon.
Capricorn has its annual gala dinner and tradeshow events through to the end of the year.
“2023 was a truly outstanding year of growth for Capricorn and all of our members,” says Capricorn group chief executive David Fraser.
“We have managed to generate significant business growth both for our members and for our highly valued Preferred Suppliers.”
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