Automatic Data Processing, CCC Information Services, and the Reynolds and Reynolds Company have announced plans to form an independent company to develop an electronic parts network that will link buyers and sellers. According to the three, the resulting efficiency in auto parts supply has the potential to reduce costs significantly.

The new company’s network will be designed to increase efficiency by allowing buyers to quickly locate sellers and purchase parts, streamlining the process. With 24,000 franchised parts retailers in North American and more than 50,000 collision repair facilities, the streamlined process will optimize the parts supply chain.