Automotive exchange gets official name: Covisint

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The online automotive exchange to be formed by General Motors Corp., Ford Motor Co., DaimlerChrysler, Renault and Nissan will be named Covisint. The name is intended to reflect the reasons why the exchange was formed, with ``co'' representing connectivity and communication, ``vis'' representing vision, and ``int'' representing integration and the exchange's intended international scope. Alice Miles, interim co-CEO of Covisint, said during a conference call Tuesday that the companies involved expect the site to conduct its first transaction as soon as the Federal Trade Commission and its European Union counterpart give approval for the venture. Additionally, Alan Turfe, interim co-CEO, said advertising would be accepted on the site. He also said suppliers would be offered some sort of financial incentive to participate in Southfield, Mich.-based Covisint, although he would not confirm that the suppliers were being offered equity stakes in the venture.
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