It’s been a while since good news was shared here on the penny auction industry, and I know a few critics have said this site is pretty negative, and unfortunately this is not without reason. There are shady operators that are, and have been, ripping consumers off and giving the entire penny auction industry a bad name. As a penny auction user you enjoy penny auctions, and you deserve to spend your money on an honest site. As a site operator you don’t deserve the illegimate sites to give your site a bad name, but you know that they do.
Today, we bring you good news, and in my opinion the answer to the penny auction problem, the Entertainment Auction Association (EAA) has just been established!
“The EAA is a California nonprofit corporation that formed an industry trade association, with the sole purpose of promoting integrity within the entertainment auction industry.”
Swoopo, BigDeal and BidCactus are the Entertainment Auction Association’s founding members.
The Entertainment Auction Association will be run and directed by board members, officers, and a paid Executive Director, all of whom will oversee the activities of the Association and its members.
The mission of the EAA is to promote integrity within the entertainment shopping penny auction industry and protect penny auction consumers.
“BidCactus.com is thrilled to be a founding partner of the industry’s first governing body dedicated to offering players a fair and just way to play penny auctions,” said Michael Staw, BidCactus.com CEO and Entertainment Association Co-Founder. “It is our hope that other penny auction sites will adhere to the principles and guidelines the Entertainment Auction Association has set forth in order to provide our players the best experience possible.”
”The founding of the association is an important step in strengthen the industry by weeding out those companies that engage in fraudulent behavior. Our goal is to have customers feel secure that any company that is part of the association runs a website that is ethical, transparent, and safe to bid on” says Nicolas Darveau-Garneau, CEO of BigDeal.com.
“As the founder of the first penny auction site, Swoopo is concerned about the rise in fraudulent activity over the last two years and has decided to join forces with other credible industry leaders to battle this phenomenon by co-founding the EAA” said Frank Han, CEO, Swoopo.
The organization’s mission statement ensures that an EAA member will be performing business honestly and fairly. The code of conduct poses a strict set of rules, audits of members are a requirement and there will be fines for non-compliance.
Penny Auction Watch℠ strongly encourages legit penny auction sites to join the Entertainment Auction Association, as it will give users a sense of trust, as well as demonstrate that a penny auction site will do what it takes to further prove that an honest, transparent and overall good experience is being provided for all users.
The Entertainment Auction Association’s Mission & Code of Conduct, from http://entertainmentauctionassociation.com/mission.html:
To promote integrity within the entertainment auction industry through a strict code of conduct, audits of members, and fines for non-compliance. Specifically:
- Ensure that all members do not engage in any unethical practices in their auctions
- Ensure that all products are shipped as promised
- Ensure that all marketing practices adhere to the FTC’s truth in advertising policies
- Ensure that customers are treated honestly and fairly at all times
Code of Conduct
- Company’s real name, email, and address will be prominently displayed on the site
- No employees, shill bidders, or bots bidding on the site
- Company will ship all items as promised at the S&H cost displayed
- Company will have a clear refund policy for unused bids and abide by that policy
- Company will not create fake testimonials, fake quotes, or fake promotional material
- Company and its affiliates will comply with the FTC’s truth-in-advertising policies
- Company will not make any fraudulent claims in its advertising or on its website
Before applying, all companies must represent, warrant, and agree:
- Not to engage in any fraudulent or deceptive behavior
- Website and marketing campaigns comply with the FTC’s truth-in-advertising policies
- Be subject to specific fines and penalties as set out in the association’s by-laws (including expulsion) if the company violates the Association’s Code of Conduct
Applicants must keep in mind that:
- Membership is not automatic
- All applications need to be approved by the Association’s board
- All members need to pass an independent audit establishing that they maintain effective controls to ensure that consumers are being fairly and honestly treated
- All members are subject to random spot checks of auctions or bidders to ensure that their practices are at all times above board”
The Entertainment Auction Association is calling penny auctions world-wide to adhere to its practices, governing bylaws and ethics. This new organization is definitely a step in the right direction and it could not have come at a better time.
For more information and to apply to become a member, visit http://www.entertainmentauctionassociation.com/.
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