Application of e-business concepts and models can be successful, but anecdotal evidence has indicated numerous failures. In this paper we use a framework (the I-Frame) to analyze a bestpractice implementation of a buyer-owned electronic trading exchange at Komatsu America Corp. – Peoria Manufacturing Operations (KAC-PMO). The I-Frame is derived from five existing models in the literature and describes the benefits and factors for successful implementation of Internet-based purchasing of direct materials through a buyer-owned electronic trading exchange. The I-Frame views benefits and success factors from different angles: business process, purchasing costs, product quality, technology, organization, and trust between business partners. To large extent the benefits and success factors in the KAC-PMO case can be recognized in the I-Frame. Moreover the I-Frame contains ideas for the further enhancement of purchasing at KAC-PMO. In general, purchasing managers could use the I-Frame when investigating possibilities for improvements in the procurement business function. Through future research the I-Frame can be enhanced.