The internet-based trade exchange Covisint says that it plans to conduct its first auction in the next days, writes the UK's Financial Times (1/10/00).

The move - following successful trials at the end of last week - will see 'Real' business conducted with actual items changing hands, although the company did not say which goods would be involved.

The FT says that the first auctions are likely to be followed by Covisint gradually rolling-out its services and features.

The decision to conduct the first auction by the group - backed by the Ford, GM, DaimlerChrysler and Renault/Nissan - follows the company having received final clearance from Germany`s Bundeskartellamt days earlier, says the newspaper.

Alongside this, the go-ahead was also given to Covisint by the US Federal Trade Commission, allowing for the company to begin trading.