The Entertainment Auction Association, a new independent trade association dedicated to offering penny auction players safe and ethical bidding experiences announces today its call-to-action for penny auctions world-wide to adhere to the practices, governing bylaws and ethics of the association to offer fair and just play to customers nationwide.
Founded by leading penny auction sites, Swoopo.com, BigDeal.com and BidCactus.com, the Entertainment Auction Association’s mission is to ensure that companies operating penny auction websites adhere to strict guidelines with the sole purpose of providing authentic, trustworthy and fair play. 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.
“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.”
Governed by a set of by-laws that are in accordance with the Association’s founding principles, the Entertainment Auction Association is accepting applications for membership from all industry members. Applicant companies must prove that they are not engaging in fraudulent or deceptive behavior, their marketing campaigns comply with the FTC’s truth-in-advertising rules and policies, and they must submit and pass audit by a third-party accounting firm that 1) confirms that bids are placed by bona fide users, with no use of bots, shill bidding or bidding by employees, and 2) maintains effective controls to provide reasonable assurance that winning auctions are fulfilled (i.e., shipped). Members must also agree to be subject to penalties (including expulsion from the Association) if they violate the Association’s code of conduct.
Once accepted into the Association, new members may put the Association’s seal on their site, as well as a link to the Association’s website. The Association will maintain a web site, listing the Association’s Code of Conduct for its members, and identifying all members in good standing. Each Member must agree to submit to an annual audit, on par with the original audit submitted for Association membership.
”The founding of the association is an important step in strengthening 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.
About The Entertainment Auction Association
Founded in 2010, the Entertainment Auction Association was created to promote integrity within the penny auction industry. Formed by three of the leading companies in the space, BidCactus.com, BigDeal.com and Swoopo.com, the Association is governed through a set of by-laws to ensure that its members act in accordance with its founding principles. And to ensure the compliance of Association members, each one is audited annually and held to a code of conduct that is intended to ensure that consumers enjoy a safe and ethical bidding experience each and every time they bid and shop. Once accepted into the Association, new members may put the Association’s seal on their site, as well as a link to the Association’s web site. To learn more, check out www.entertainmentauctionassociation.com.
