Covisint gets FTC approval

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Southfield, Mich.--Big three auto exchange Covisint received long-awaited Federal Trade Commission approval of its e-marketplace Monday. ``We believe this represents a major milestone for us,'' said Alice Miles, Covisint co-interim-CEO. Not all is set. Covisint is mulling over a short list of CEO candidates. It is waiting for regulatory approval in Germany, and has yet to decide on a headquarters location. Transactions should begin to run over the marketplace shortly. The FTC approval should not be underestimated. It comes with few strings, though the FTC said it will continue to watch Covisint closely. The approval would seem to remove any uncertainty other e-markets might have in regard to government regulation of marketplaces.
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