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).
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
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.
