BuddyBid is a new auction service that enables businesses to make sales through Facebook.

The service was set up by entrepreneurs Neil Campbell and Ken Brickley and is already said to rival TradeMe.

The BuddyBid platform is a ready-made service that businesses can use under their own brand to run auctions.

It works on the idea that a great social strategy is empowered by great content, and adding a transaction element turns this strategy and engagement into sales opportunities.

Brands can achieve more sales through the word of mouth opportunities offered by Facebook as well as the trust of the established audience.

BuddyBid says brand owners can monetise their social communities in a more engaging and viral way, essentially turning likes into revenue and simultaneously expanding brand reach.

Furthermore, BuddyBid says it can help brands tailor relevant, targeted updates and news to customers who have displayed an interest in certain products.

Top bidders can also be given additional offers within their budget.

Stuff, Fairfax Media’s news and information site, has launched the new social commerce platform known as GetStuff, which is powered by BuddyBid.

This has enabled Fairfax to provide social content and complete transactions on Facebook, expanding their target market and further engaging in the social environment.

Greys Online, Australia’s largest online retailer, is using BuddyBid to sell wine and grow a database of new buyers beyond their original website.

“BuddyBid combines the excitement of a live auction with the look and feel and power of your brand, and the viral nature of Facebook, to transform your social media marketing into real sales,” says BuddyBid.

Find out more head to the BuddyBid website.