General Motors Corp., Detroit, sold five metal stamping presses (worth $80,000 apiece) and bought more than $500,000 in maintenance, repair and operating equipment on the first business-to-business auction on its GM TradeXchange Web site (http:// www.gmtradexchange.com).
The auction, conducted as part of the company’s global asset recovery program, involved 108 supplier companies registered to bid on material live and in real-time on the exchange and reportedly cut its acquisition costs by 90% to $10 per order.
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