DETROIT--BUSINESS WIRE--September 26, 2000- The much anticipated automotive B2B exchange, Covisint, has been given the green light by the German regulatory body, Bundeskartellamt.
As Covisint planning leaders expected, the Bundeskartellamt's review of the initiative was very comprehensive, and its completion echoes the clearance recently received from the FTC. Covisint has now received all necessary pre-formation regulatory clearances and can begin operations.
"Covisint is now cleared to transform itself from a planning initiative to a company," said Peter Weiss, Covisint Executive Planning Team and DaimlerChrysler Lead. "It will establish a corporate identity and of course, open trade on the exchange between customers. You can expect the exchange to go live soon."
Weiss added, "News of the clearance has excited everyone involved in the effort. Covisint is now days away from history. The completion of the Bundeskartellamt's review sets the stage for launching what promises to be one of the world's largest e-business trading exchanges."
While in a position to be perhaps the largest exchange right out of the box, Covisint faces an uphill climb. To date, only 25 major suppliers have signed on. They dont even have a staff in place to run the show. Based on my observations, thirty days to market is about as possible as Bill Clinton getting elected to a third term this November. Christmas looks like a more realistic goal.