Dana Corp. (DCN) signed a letter of intent to participate in Covisint, a planned business-to-business Internet trade exchange for the automotive industry.

In a press release Thursday (06/07/00), Dana said it plans to use Covisint as its primary trade exchange for transactions with original equipment customers and suppliers.

Dana's primary target is reducing purchasing-related costs by $1 billion over the next four years.

Covisint's principals include General Motors Corp. (GM), Ford Motor Co. (F) and DaimlerChrysler AG (DCX), as well as Delphi Automotive Systems Corp. (DPH), Lear Corp. (LEA) and Meritor Automotive Inc. (MRA).