News of February 01, 2000
GM TradeXchange Continues Rapid Development: Supplier Joins GM For Second Sucessful Auction
DETROIT - General Motors Corporation and Commerce One today announced the successful completion of GM TradeXchange's second Internet-based business-to-business auction. In addition, Maynards Industries Ltd. of Vancouver, British Columbia, became the first GM supplier to use GM TradeXchange for an auction of surplus commercial and industrial equipment.
"GM TradeXchange is establishing itself as the worldwide standard, not only for on-line auctions, but for all Internet-based business-to-business transactions," said Harold R. Kutner, GM's group vice president of Worldwide Purchasing. "The effort reflects GM's transformation into a fast global unit. Our goal with GM TradeXchange is not to move the costs around the supply chain, but to reduce costs for all of our suppliers."
GM TradeXchange was created in November as a "virtual marketplace" for GM and its 30,000 suppliers to buy and sell goods, ranging from factory equipment to office supplies. Since November, GM has sold stamping presses in two on-line auctions and purchased more than $1.7 million in material from supplier catalogs posted on the site. GM TradeXchange is powered by Commerce One, the global leader in business-to-business electronic commerce.
In today's auction, GM sold seven stamping presses as part of its Global Asset Recovery Program. Approximately 145 suppliers and brokers registered to participate in the auction. That is an increase from four presses sold and 108 registered participants in the December auction. The total value of today's auction totaled $1.802 million; the December auction totaled $400,000. Approximately 185 total bids were received for today's auction.
In addition to the GM auction, Maynards Industries became the first supplier to use GM TradeXchange for an auction of stamping press equipment for another company.
Participants in GM TradeXchange are able to conduct transactions three ways: through an on-line catalog, a bid-quote process, or an on-line auction. GM does not dictate prices or buy and resell products through GM TradeXchange. Rather, the GM portal simply acts as a highly efficient vehicle to bring buyers and sellers together.
(January 27, 2000)