Ford and GM executives quickly saw the wisdom of this idea and then convinced DaimlerChrysler to join them. Their plan was to create a single Web site that will serve as a market place for all interested automobile manufacturers, suppliers, and dealers
essentially creating a global virtual market for all firms in the industry. Almost immediately, France's Renault and Japan's Nissan joined the alliance, along with Oracle (which handled the software) and Commerce One (to provide the financing). France's PSA Peugeot Citroen joined in late 2001. In addition, both Ford and GM indicated they would encourage their foreign affiliates and strategic partners to join as soon as feasible.
As things began to take shape, the partners realized that it would be better to establish their venture as a stand-alone business. Named Covisint, by 2002 the new venture had established its corporate officess in Amsterdam and Tokyo. Convisint is currently working to expand its presence in both France and Germany, and its also recently announced that it had reached an accord to link various suppliers in India with its member automobile manufacturers in 2004.