Sales Integrity Program
At the behest of the Thoroughbred Owners and Breeders Association, the Sales Integrity Program Task Force was developed in response to an expressed desire within the Thoroughbred Industry to improve the opportunity for buyers at public auction sales to feel informed, understand the various aspects of the process and be confident they were being fairly treated. The project was specifically geared toward the needs of new investors, but not designed exclusively for them. At the same time, it is recognized that the interests of consignors, breeders, agents, veterinarians, trainers, sale companies and horses need also to be protected and that the Thoroughbred auction scene inherently involves risks for all concerned.
The 22-person committee spent many hours, over several months, developing a Code of Ethics for public auction. The Code of Ethics incorporates issues of disclosure of ownership, dual agency (the practice of an agent accepting a commission from the buyer for purchasing/bidding on the horse on the buyer's behalf and also accepting any commission or other commercial benefit from any party involved with the selling/consigning of the same animal, without disclosing this) and includes a sample agent disclosure agreement and a veterinary dual agency agreement. The Code of Ethics and sample agreements are available at www.salesintegrity.org.
TOBA provides Sales Integrity Program literature and materials to all of the major sales companies for distribution and display at their auctions. TOBA works to provide the education necessary for owners and breeders to make informed decisions at public auction.