Video | Business Headlines | Internet | Science | Scientific Ethics | Technology | Search

 

Shill bidding: Unlawful, unethical and dumb

MEDIA RELEASE: For Immediate Release
9 August 2011

Shill bidding: Unlawful, unethical and dumb

Trade Me has applauded the conviction of Christchurch business Morrison Car Company for shill bidding on its own auctions.

“Shill or ghost bidding is one of the most immoral forms of behaviour in a marketplace,” said Trade Me’s Head of Trust & Safety, Jon Duffy. “We’re delighted the Commerce Commission took such prompt action on this incident, and we’re equally pleased with Judge Farish’s sentencing which included $45,000 in fines. The Commission was able to make good use of our investigation materials to get a solid conviction.

“Healthy marketplaces depend on transparency and trust and shill bidding undermines both of these. We support such perpetrators being made an example of and hope this sends a clear message. In the case of the Morrison Car Company, not only did they participate in shill bidding, they were also foolish enough not to display a Consumer Information Notice (CIN).

“Trade Me is one of the most public marketplaces in the country. To try to avoid CIN requirements in such a marketplace is not only unlawful, it’s dumb.”

Trade Me has a range of trust and safety tools operating across the site, many of which are focused on misleading or anti-competitive behaviour. Shill bidding is dealt with swiftly and Trade Me will work closely with the Commerce Commission in such cases.

ENDS

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Super Fund/Canada Bid v NZTA: Tow Preferred Bidders For Auckland Light Rail

The two preferred delivery partners for Auckland light rail have been chosen and a final decision on who will build this transformational infrastructure will be made early next year, Minister of Transport Phil Twyford announced. More>>

ALSO:

9.3 Percent: Gender Pay Gap Unchanged Since 2017

“While it has remained flat since 2017, the gender pay gap has been trending down since the series began in 1998, when it was 16.2 percent,” labour market statistics manager Scott Ussher said. More>>

ALSO:

Ex-KPEX: Stuff Pulls Pin On Media Companies' Joint Ad-Buying Business

A four-way automated advertising collaboration between the country's largest media companies is being wound up after one of the four - Australian-owned Stuff - pulled the pin on its involvement as part of a strategic review of its operations ... More>>

Bus-iness: Transdev To Acquire More Auckland And Wellington Operations

Transdev Australasia today announced that it has agreed terms to acquire two bus operations in Auckland and Wellington, reaching agreement with Souter Investments to purchase Howick and Eastern Buses and Mana Coach Services. More>>

ALSO: