Note to all Affiliates:
As you know, full disclosure is the single most important requirement K-BID has of affiliates publishing auctions on the website. Lot descriptions and photos must accurately depict the item being sold.
During the past year there has been a dramatic increase in the use of manufacturer’s images and descriptions appearing on K-BID. Unfortunately, the use of these images and descriptions has resulted in an equally dramatic increase in bidder complaints about winning assets not measuring up to the lot description/photos. Whenever there is a spike in bidder complaints, especially when they relate to the same issue, we know something is out of whack and changes need to be made. In this situation, it was easy to see we needed to update our Stock Photo Policy to include more details and definitions, and we needed to do a better job communicating and monitoring the updated policy for compliance. Please click on the following URL to be taken to the updated Stock Photo Policy in the AKB: https://k-bid.zendesk.com/hc/en-us/articles/215799787.
While this policy update is expected to decrease the number of bidder complaints relating to misdescribed items and stock photos, the misdescription problem is much broader. Affiliates know K-BID requires full disclosure on every asset published on the website; however, it's clear this term means different things to different people. The lack of consistency between affiliates when it comes to disclosing lot condition, lot damage, and any other issue affecting the ability to determine asset value; results in bidders making assumptions about lots that may or may not be true, depending on which affiliate wrote the lot description. In an effort to bridge the gap between affiliates when it comes to disclosure, we’ve developed a Lot Condition Disclosure Policy. This policy provides an outline of the disclosure requirements for lots that are incomplete, damaged or not in good working order. Please click on the following URL to be taken to the Lot Condition Disclosure Policy in the AKB: https://k-bid.zendesk.com/hc/en-us/articles/226100827.
The impact the updated Stock Photo Policy and the Lot Condition Disclosure Policy will vary from affiliate to affiliate. Many won't need to make any changes to their business practices; some will need to make significant changes to the way they operate. In order to allow everyone enough time to make the changes necessary, we will not enforce the use of stock photos for auctions closing prior to 10/1/16. Any auction closing on or after 10/1/16 is subject to the updated Stock Photo Policy. The lot description requirements in both policies will be enforced for all future auctions and current Draft auctions.
If you have any questions, please let me know.
K-BID Online, Inc.