US automotive components supplier ArvinMeritor became the first company to conduct actual business via the electronic trade exchange Covisint on Tuesday (3/10/00), writes the UK's Financial Times (4/10/00).

The outcome of this first auction for ArvinMeritor, involving injection-moulded plastics, was quite satisfying, writes the FT citing Peter Weiss - an interim co-chief executive at Covisint - when addressing the Autologistics conference in Chicago on Wednesday (4/10/00).

The company - which became one of the first suppliers to post pilot pages on Covisint resulting in products being sold - was one of a group of 'tier one' auto-supply companies which agreed earlier this summer to use the trade exchange once approval had been given, says the newspaper.

Covisint's first software release was fully functional - according to Mr Weiss - with the trade exchange focusing on both auction capabilities alongside product development services.

At the conference, Mr Weiss said that Covisint was in discussions with commodity-based trade exchanges including eSteel, Metalsite and Metal Spectrum, reports the FT.