An automatic rotary transfer apparatus and method for conveying a plurality of lightweight articles, such as empty bottles, at a high speed and, optionally, providing at least one additional function, such as de-flashing, trimming, or inspecting, in a single rotation of the rotary transfer apparatus. The apparatus includes a carriage ring having an outer perimeter defining a plurality of cavities spaced along the outer perimeter. Each cavity is adapted to receive a single article. A drive assembly indexes and rotates the carriage ring about a central axis of rotation and is synchronized to a continuous stream of the plurality of articles from an upstream operation, such as blow molding. The apparatus may further include a modification device, such as a de-flasher or trimmer, and an inspection station with a sensor for discharging damaged or imperfect articles, which performs the functions in a single rotation of the carriage ring.