Manufacturers could reduce new car prices by as much as 10% if they sourced materials online, according to electronic procurement and services provider Portum.
It says prices are being kept high because manufacturers insist on sticking with preferred suppliers.
By using a trading exchange manufacturers can get suppliers to outbid each other through a transparent sales process so that parts are supplied for the cheapest price.
Frank Mattes, Portum's business development director, said: “The fact that 60% of car parts can be bought online for a lot less money is testimony to the savings that e-procurement can make.
“Europe is heading into a recession where getting value for money will be a bigger issue than ever. E-procurement will undoubtedly benefit the manufacturers but it's time to pass the savings on. The results need to be felt all the way down the supply chain.”