Business Services Industry
Automakers ready to get rid of their stakes in Covisint.(Rumblings)
Crain's Detroit Business, January, 2004
Covisint L.L.C., the online data exchange that was supposed to transform the auto industry, is being disassembled. The company already has sold its online auction service and has shut down its electronic parts catalog. The remaining business is primarily a new electronic data transmission service for manufacturers.
Now the automakers that own Covisint want to sell their equity stake in the company. "Covisint won't remain under the ownership of big manufacturers,'' a senior auto executive told Automotive News. Covisint has insisted that it can survive on the strength of its online portal product and data transmission service. "Any comments about the future of Covisint are speculative at best,'' said Paul Manns, the company's director of marketing....
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