General Motors completes largest ever Internet transaction

NEWS General Motors (GM) has conducted the automobile industry's largest pure Internet transaction, worth $147m. The purchase, conducted over GM's TradeXchange Web site, let the manufacturer and its partner Isuzu Motors to buy a large volume of rubber sealing packages for plants in Europe and the US. Eighteen suppliers bid for the contract, with four companies sharing in the final contract win. TradeXchange is part of the Commerce One's network of business-to-business trading sites, using the software company's technology to automate procurement and supplier transactions online.