While most organisations charge membership fees, automotive cooperative Capricorn is doing things very differently, paying its members a record $71 million in the most recent financial year.
This included the recent announcement of a $15 million Trade Volume Rebate, distributed in proportion to members’ use of their Capricorn trade accounts. The massive lump-sum payment represents a direct return of profits in what was another successful year for the cooperative.
What makes the Trade Volume Rebate even more remarkable is that it is the fourth consecutive year that it has been paid; showing that regardless of any global challenges, it’s more profitable to trade as a Capricorn member, said a statement today from the company.
Capricorn Group CEO, David Fraser, said the record returns were a testament to the strength of the cooperative.
“This time last year I was talking about how being part of a cooperative can help our members persevere through the pandemic. A year later we’re still all living with Covid-19 and the uncertainty it brings, but another year of record returns makes it absolutely clear just how much better off you are as a Capricorn member,” said Fraser.
“With more than 2,700 new members joining us in the last year alone, I am confident these returns will continue to grow along with Australasia’s largest automotive cooperative, Capricorn.”
Capricorn members also received an additional $38.5m throughout the year in reward points. The Capricorn Rewards program returns 1.5 points on almost every dollar spent through a Capricorn trade account, with every 100 points equal to $1.
This makes Capricorn Rewards one of the most generous rewards programs in Australasia. Members can choose to use their points to effectively discount their business expenses or redeem them for a range of merchandise and gift cards.
As shareholders of the cooperative, Capricorn members also received a total $17.5 million via a very healthy 7 per cent fully franked dividend (representing a 10 per cent return inclusive of tax benefits).
Finally, eligible members with risk protection provided through Capricorn Mutual shared in a $6 million ‘Loyalty Rebate’. This first-time rebate rewarded members who have been with the industry-focused alternative to traditional insurance for three or more years.
Combined, these returns equate to thousands of dollars back in the pocket of the average member.
All for doing nothing more than choosing to trade through Capricorn’s network of Preferred Suppliers who offer instant trade credit and can provide almost every product and service an automotive business would need.
For more information on how you can benefit and apply for Capricorn membership, click here.