GM, Ford Combine Web Buying; DaimlerChrysler Joining Venture.

Byline: By, Investor's Daily

General Motors Corp. and Ford Motor Co. will merge their Internet-based supplyexchanges and DaimlerChrysler will join the new venture, the companies announced Friday. The move is aimed at cutting costs. The venture will be open to all auto manufacturers and suppliers, creating one of the world's largest virtual marketplaces. "Not only is it unprecedented for GM, Ford and DaimlerChrysler to come together to form this type of joint venture, but it's also the largest Internet business ever created," said Harold Kutner, vice president for GM worldwide purchasing. "Nobody will be better," he said. "Nobody will be faster. Nobody will offer more …