In this series, we get to know our co-operative members. Today we talk with Capricorn Society Group CEO David Fraser about Capricorn, their vision, being a co-operative and how they keep shareholders engaged.
The co-operative offers services to members including instant credit with Capricorn preferred suppliers, simplified billing on one statement, equipment finance, travel services and business protection.
1. David – tell us about the vision for Capricorn?
Capricorn was established in 1974 by a small group of independent automotive workshops looking to increase their buying power and compete with big multinationals. Almost 50 years later and as the co-operative has grown, so too have the benefits grown. As a trusted member-owned organisation, our focus is to improve the lives of our members by supporting them in building stronger businesses resulting in a sustainable future for the automotive aftermarket industry.
2. What is your main point of difference?
Together, we are stronger. Capricorn co-operative is made up of over 4,500 New Zealand members who are given instant credit with more than 440 committed Preferred Suppliers. As the largest Australasian automotive co-operative, we are able to generate significant benefits for our New Zealand members as they get more value from their everyday business expenses. We are also able to provide unparalleled business resources and support. This includes access to vehicle data, workshop management assistance, easy and convenient finance options and other exclusive benefits that help our members save time and money.
3. What are the key issues you are currently trying to address?
Capricorn’s products and services are built to empower our members to grow sustainable small to medium automotive businesses. With the high level of disruption and change happening in the automotive industry, we dedicate our resources to providing members with the information and services they need to meet whatever challenges tomorrow brings as they make the best decisions for their business.
4. What is your organisation doing to make itself future-proof?
Capricorn is invested in the success of our members and the broader automotive repair industry. As our member’s workshops thrive so too does our Preferred Supplier network. By focussing on building mutually beneficial relationships we are able to secure long-term benefits for our members. Looking forward we also keep an eye on future technologies, market trends and economic data to provide timely and valuable services that will benefit our membership.
5. Co-operation among co-operatives is a Rochdale Principle from 1844: how do you work with fellow co-operatives and mutuals?
Capricorn has been a proud supporter and collaborator with other co-operatives and mutuals since its creation. We like to assist the co-operative movement by forming close relationships with other co-operative peak bodies, like the International Cooperative Alliance, Cooperative Business New Zealand, and other similarly minded, member-focused organisations. Our recent partnership with Mitre 10 was a fantastic opportunity for Capricorn to incorporate another co-operative into our Preferred Supplier network as we choose to build our products and services within the co-operative and mutuals framework.
6. For Capricorn, what are the main benefits of being a co-operative?
Operating in the spirit of co-operation is a guiding force that has enabled Capricorn to deliver mutual benefits to all associated with the group. It’s the reason behind everything we do and it’s why our business model has been so successful. As we look forward to shaping our ongoing mission and purpose, our first priority couldn’t be any clearer – our members. We know for our members to be successful so must our Preferred Suppliers. So it is really the spirit of co-operation that reinforces in our business that any dealing must benefit our members, Preferred Suppliers and Capricorn to be beneficial and sustainable. Being a co-operative also allows us to provide benefits to the automotive industry, as we help support our members to be financially independent and sustainable.
7. How do keep your shareholders engaged?
We actively engage with our members (aka shareholders) throughout the year to understand and address their business needs. This includes community events and online networks; research panels and of course through our member-elected Board. The more our members can engage with Capricorn, the more they get back from us, in the form of instant credit with Preferred Suppliers, Capricorn Rewards Points, dividends, time savings and more.
