Buy.com today launched its Garage Sale service on Facebook. It allows members to post and sell items on their profile pages. Buy.com is charging 5 percent commission for items sold.

“In essence, we’re empowering the social networking sites in some fashion to compete with eBay, but we’re processing the transactions behind that,” Buy.com Chief Executive Neel Grover said.

Grover envisions the service benefiting social networking sites by encouraging users to spend more time looking at profiles, and aiding consumers by allowing them to sell things without hopping over to eBay.

Eventually, users should be able to search for items up for sale on Buy.com and get alerts about what their friends are selling.

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