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Republic Industries To Acquire Snappy Car Rental

8 July 1997

Republic Industries To Acquire Snappy Car Rental

    FORT LAUDERDALE, Fla., July 8 -- Republic Industries, Inc.
announced today that it has signed a definitive agreement to
acquire Snappy Car Rental, Inc. of Tulsa, Oklahoma, a leading insurance
replacement car rental company, for $26 million in cash or stock, at
Republic's discretion.
    Snappy Car Rental is a major participant in the insurance replacement car
rental industry, which provides rental cars for drivers whose own vehicles are
being repaired or replaced.  Snappy has 220 branch locations in 38 states and
a fleet of approximately 14,500 vehicles.  Snappy is owned primarily by an
investor group led by Jacobson Partners, a New York-based investment firm.
The company will join Republic's other insurance replacement car rental
companies, Spirit Rent-A-Car and the Alasys division of Alamo Rent-A-Car.
    Steven R. Berrard, President and Co-Chief Executive Officer of Republic
said, "The acquisition of Snappy firmly establishes Republic in the insurance
replacement business and, when combined with Spirit and Alasys, gives Republic
a strong base from which to expand in this growing market."
    Benjamin Jacobson of Jacobson Partners, said, "We believe this is an
excellent deal for both companies.  Snappy will benefit from the substantial
resources of Republic, as well as Republic's position as the major automotive
retail and rental company.  Snappy's national branch office system, strong
insurance company relationships, information systems capabilities and
experienced management team will position Republic as a major factor in
insurance replacement car rental."
    Republic Industries, Inc. is a diversified holding company with
subsidiaries operating in the automotive retailing, automotive rental,
automotive financial services, solid waste services, and electronic security
services industries.  The company owns the nation's largest chain of new
vehicle dealerships and is building a chain of used car megastores which it
operates under the AutoNation USA brand name.  Republic also owns National Car
Rental System, Inc., Alamo Rent-A-Car, Inc., and Spirit Rent-A-Car and has
signed definitive agreements to acquire Value Rent-A-Car.  Republic also owns
some of the country's leading solid waste services and electronic security
services companies, which operate under their regionally known business names.

SOURCE  Republic Industries, Inc.