Regardless of the type of business, certain standards of ethical behavior are expected that are relevant to each business and auction companies are no exception to such a principle. Basically, a code of conduct is about the professional responsibilities of a business and its employees to follow the law, avoid conflicts of interest, respect confidentiality of information, avoid bribery, and be fair in any type of business competition, just to mention a few. Auction companies are obligated to create an atmosphere that contributes to positive values as well as fosters honesty and integrity. Following a certain code of conduct means the company behaves in a manner that protects the customer’s interest, thereby showing the public what to expect when dealing with it and its employees.
Introductory Statement
Generally, an introduction or mission statement explains the duty of a company to operate in a manner that protects the general welfare of its customers and employees, elicits trust, and cares about the well-being of customers while promoting its own growth. A code of ethics must be the motivating force that drives employees to perform job responsibilities with a demeanor that is just and fair. Any employee who does not comply with a company’s code of ethics should receive corresponding disciplinary action. In addition, complaints may be filed in the event expected professional duties are not met.Kansas City Auction Companies
General Provisions
In most cases, such codes are enforced to address certain unethical issues that could harm the interest of consumers, clients, employees and the company. These ethical standards should be clearly communicated to employees so it is known exactly what type of conduct is expected from each worker. Following are some examples of types of ethical behavior that should be expected from those who conduct heavy equipment auctions:
- Promote Best Interests – An auction house should promote the interest of both the seller and the buyer who should be treated legitimately, honestly and fairly at all times.
- Open Payment Handling – No compensation should be taken from a third party without the full knowledge of those involved in the transaction.
- Reveal Conflicts of Interest – Potential conflicts of interest must be revealed to clients at the beginning of any professional relationship.
- Prior Payment Authorization – Approval must be obtained from a client for any expenditures or profits made on their behalf.
- No Illegal Actions – A company and its employees should not participate in any activities that violate the law.
- Maintain Confidentiality – No confidential information shall be disclosed to a buyer without prior approval unless demanded by law.
- Follow Code of Conduct – A company must faithfully follow their own code of conduct at all times.
- Auctioneer Conduct – Auctioneers who commit a crime, violate the law, or are found guilty of dishonorable conduct and continue to participate in these types of activities should receive corresponding punishment and be prevented from exercising any rights and privileges associated with such a job.
- Licensing Censorship – Any license issued to those involved in the operation of this type of business shall be revoked due to misconduct or inappropriate behavior in relation to the bidding process.
Broadly speaking, any code of conduct that is adopted by any type of bidding house, including those involved in heavy equipment auctions, is based on the concepts of: honesty, integrity, fairness, confidentiality, and legality.
Ethical standards pertaining to the operation of an auction company have been formulated to regulate the bidding process. It encourages all employees to respect the dignity, diversity and individual rights of all parties involved in a heavy equipment auction. Just like any other type of business, auctioneers are expected to follow a comprehensive code of conduct that explains the expected type of behavior as well as what the duties and responsibilities owed to the auction company, its clients and all bidders!