Cape Racing Sales (CRS) have launched a new Bonus Structure and an innovative Pinhooking Programme to make the sale and acquisition of thoroughbred bloodstock more convenient, enjoyable and ultimately more rewarding for vendors and buyers.
The CRS Bonus Initiative:
After their scheduled renewals later this year, the sales races attached to June’s CRS Winter Sale and October’s Ready To Run Sale will fall away.
They will be replaced by juvenile bonus incentives for all graduates.
From the 2023 June Winter Sale onwards, bonuses of R100,000 will be paid for the first juvenile win by the graduate of ANY race, and this will be payable not only in Juvenile races, but with wider reach to include open Maiden races won by juveniles.
The bonuses will be limited to the first 40 juvenile winners and Justin Vermaak, Racing Operations and Bloodstock Executive for Cape Racing, explained:
“We are returning R4-million in cash bonuses to our valued clients over 40 races, which we feel is an adequate number of races considering the number of horses we generally sell over three sales. We’d like the connections of all juvenile winners to get paid out.”
He added: “CRS is committed to making our various sales auctions as compelling as possible to breeders from our sales region and others from around the country. To this end, the bonuses will be implemented alongside two further, gainful incentives, namely a reduction of the breeders commission from 8% down to the current 5%, as well as a 25% share of the bonuses paid – R75,000 will be paid to the winning owner and R25,000 to the winning vendor.”
While graduates of the 2023 CRS January Premier Sale won’t qualify for the first series of bonuses, they do qualify for the inaugural Cape Sales Slipper, and from the 2024 Premier Sale onwards will qualify for both. Vermaak said:
“The ‘Slipper’ will be our Sales Race. The Premier Sale will be a go-to for breeders with high quality forward types and we will be positioning it as such.”
The CRS Pinhooking Programme:
Pinhooking at sales is growing fast in popularity because it requires seasoned thoroughbred selecting skills and hence presents opportunities for handsome profits with no unusual risks.
The CRS Pinhooking Programme entails the introduction of a pinhooking “assistance” incentive to help drive the June and October RTR sales.
The programme will allow approved applicants to get an authorised budget from CRS. This will make it possible for the pinhookers to “purchase” a horse/s at the June sale, while only paying for them AFTER selling at the RTR sale in October.
In effect, this extends approved pinhookers a line of credit and the benefit of cash flow to keep their purchase at a good pre-training facility. Potential pinhooking prospectors must apply through Cape Racing Sales to participate in the scheme. Upon approval, they’ll be afforded a credit limit to purchase horses accordingly.
Vermaak stressed that vendors will be paid out timeously for their horses that are bought by pinhookers.
He said: “Vendors who sell to pinhookers will be paid out the full amounts owed to them within the standard CRS terms, so there is absolutely no reason for concern. It is mandatory for pinhooked horses to be entered for re-selling on the RTR Auction and entry will be free. Upon the selling of the pinhooked horse at the RTR sale, the pinhooker will have his or her outstanding balance deducted from their sales proceeds. Balances will be paid out on schedule.”
He noted that further details, like proof of insurance cover, will be required, but that will be kept for direct communication with applicants.
Go to www.caperacingsales.co.za/sale/2023-mws/ to view the catalogue.
For sale related queries, please contact:
- Justin Vermaak ([email protected])
- or Robyn Collyer ([email protected])
