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GM, Ford and DaimlerChrysler to unite over the internet in global parts supply initiative

General Motors, the Ford Motor Company and DaimlerChrysler have announced they are to unite to form an internet portal serving the £380 billion global parts and servicing market.

The venture will be initially be launched in the US and Canada, but will eventually expand globally, according to a report from Reuters.

Its report says the three companies hvae held talks with other major carmakers and woud "consider offering them an equity stake if they join the venture. At present GM, Ford and DC own 25% of the company with the remainder going to information management company Bell & Howell.

John Smith GM vice president of service parts operations, is quoted as saying dealerships will be able to cut costs, reduce parts' inventories and speed up repair time using the new portal.

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