Virtual marketplace created by automakers

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Friday, Feb. 25, 2000 | 11:24 a.m.

THE ASSOCIATED PRESS

WARREN, Mich. -- General Motors Corp. and Ford Motor Co. will merge their Internet-based supply exchanges and DaimlerChrysler will join the new venture, the companies announced today. The exchanges are aimed at helping automakers cut costs.

The venture will be open to all auto manufacturers and suppliers, creating one of the world's largest virtual marketplaces.

"Not only is it unprecedented for GM, Ford and DaimlerChrysler to come together to form this type of joint venture, but it's also the largest Internet business ever created," said Harold Kutner, vice president for GM worldwide purchasing. GM buys $87 billion a year from its suppliers, Ford buys about $80 billion and DaimlerChrysler purchases about $80 billion worldwide.