Former General Motors Corp. marketing executive Roy Roberts, 59, today announced formation of his new online minority procurement company, called M-Xchange.com. The business-to-business venture will pair purchasers and minority suppliers in a potential market of $135 billion annually. Mr. Roberts, formerly group VP-North American vehicle sales, service and marketing at GM, was joined by the Rev. Jesse Jackson at the Birmingham, Mich., announcement. Mr. Roberts said the company is due to open its Web site July 10. It will likely be based in Detroit. Revenue will be generated by user transaction fees. There's no agency of record yet. Mr. Roberts' partner is Gary Wasserman, owner and president of Allied Metals Corp., Troy, Mich.
Copyright March 2000, Crain Communications Inc.