Automotive co-op Capricorn celebrates year of success

In News2 MinutesBy NZ Trucking magazineOctober 20, 2023

Australasian automotive cooperative Capricorn has reported it has returned $82.8 million in value to its customers 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. The sales result represented an increase of 16% compared to member purchases made in 2022.

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.

The year also saw the announcement of a new Capricorn joint venture with global automotive tech company Repairify. This joint venture enables Capricorn to provideremote 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 CEO David Fraser, has diversified with the inclusion of a 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 the CEO of Automotive, Bradley Gannon and CEO of Risk, Rod Scanlon, leading Capricorn to continue delivering the best possible results for its Members.

“2023 was a truly outstanding year of growth for Capricorn and all of our members. We have managed to generate significant business growth both for our members and for our highly valued Preferred Suppliers,” said Capricorn Group CEO, David Fraser.

“As an organisation that is committed to the long-term success of our members, we also continued to grow our business support, financial and risk protection offerings over the past 12 months,” he said.

“This is an ongoing process of constant development across all of our operations.”