Big automotive supplier joining carmakers' exchange
Visteon, a giant automotive-systems supplier, will participate in Covisint, the closely watched online auto exchange being built by Ford, General Motors, DaimlerChrysler and other automakers.
Visteon's entrance into Covisint comes just days after the Federal Trade Commission approved the exchange. Covisint is still waiting for Germany's antitrust regulatory agency to give the go-ahead, which is expected to happen in the next few months.
The Dearborn, Mich.-based company says it will help Covisint conduct electronic transactions with customers and suppliers. Visteon also said the move will allow it to expand its e-business strategies and growth and will help it reduce costs.
Visteon, which had $19.4 billion in revenues last year, offers consumer-driven technology solutions to automotive manufacturers.