Cape Racing Sales has launched a new Bonus Structure and Pinhooking Programme. Beginning with the 2023 June Winter Sale, bonuses of R100,000 will be paid for the first juvenile win of any race, including open maiden races won by juveniles. The bonuses will be limited to the first 40 juvenile winners.
Justin Vermaak, Racing Operations and Bloodstock Executive for Cape Racing said, “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…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 will qualify for the inaugural Cape Sales Slipper, and from the 2024 Premier Sale onwards will qualify for both.
Additionally, the CRS Pinhooking Programme will introduce 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.
“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,” he added. 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.”
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