To assemble multiple product components into a product in virtual product development mode, it is necessary to integrate heterogeneous product data models from different CAD applications. This paper proposes a Collaboration-oriented Product Representation Model (CPRM) which is made up of Embodiment Data, Functional Data, Management Data and Reusable Data. The CPRM is a neutral, customizable, understandable and reusable model with self-management capability. The Product Model Processor (PMP) helps a user to wrap a specific CAD model into the CPRM or helps to define the complex model data step by step. The PMP is made up of six modules, a Model Broker, a Neutral Model Definer & Browser, a Model Customizer, a Semantic Encapsulator, a Service Enabler and a Model Manager. The CPRM and PMP are described in this paper.