I am pleased to report WISCO had a very good year in 2017. WISCO's sales to its members were $23,394,203. Operating expenses decreased from 2016 down to $643,011 which left net profit of $625,646. This is great news for our members! Since they are the owners of the cooperative this money is paid to them with our end of the year rebate. Again, 100% of our earnings are going to the member dealers in direct proportion to what they purchased from us. Our 532 members will receive an average rebate of $1,176. The rebate is, of course, on top of what our members already saved at the time of their purchases from WISCO. Not a bad return on the one-time $1,000 stock commitment. Plus the stock investment is just that, an investment which is still the members' money. WISCO even pays the member 5% interest on the share investment. In 2017 the amount of rebates paid to our membership in our history went over the 20 million dollar mark. As I stated above the 20 million dollars in rebates is just the gravy. The main savings is on the invoice when you purchase from WISCO. The WISCO Board of Directors has also voted to redeem equity accounts of members on record for 2010, for a total of $56,885. Those members will receive an additional check this year.
WISCO's mission statement and sole purpose for existing is to provide quality products at a savings to auto and truck dealers who are members. Through group buying and low markups we save our members money on their purchases. WISCO is in a unique position in that our customers are also our owners. Due to this fact our entire focus is to help our members increase their bottom line. WISCO supplies items from major equipment for your service department or body shop, to supplies in your restrooms, and most everything in between. Being a true cooperative WISCO is in business to serve its members, not profit from them. Keep that in mind when you are making your buying decisions. Who else do you buy from is only in business to add to your bottom line?
Thank you to the WISCO employees for the excellent job they do for our membership. They realize that our customers are also our owners and treat them that way. They are dedicated to saving them money and work very hard for them. Thanks also to the Board of Directors, who freely give of their time and talents to advance the cooperative. WISCO is blessed to have a very dedicated staff and board.
Special thanks go out to you our members. We can not do our job of adding to your bottom line without your loyalty and continued support. For us to save you money on your purchases you have to use us. That continued message, especially from the dealer owners and managers, is invaluable. We will strive to continue to bring quality products at a savings to our members thereby increasing their bottom line.