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Republic Industries, Inc. To Acquire EuroDollar Car Rental Company

11 August 1997

Republic Industries, Inc. To Acquire EuroDollar Car Rental Company

    FORT LAUDERDALE, Fla., Aug. 11 -- Republic Industries, Inc.
said today that it has announced an offer to acquire all the
shares of EuroDollar Holdings plc, a publicly traded company which owns and
operates EuroDollar Rent-A-Car, the second largest car rental company in the
U.K.  The transaction is valued at approximately $150 million, payable in cash
or notes having a term of six years and an interest rate of LIBOR minus 50
basis points.  The transaction is subject to customary conditions.
    EuroDollar is one of the largest car rental companies in the U.K. and a
market leader in the corporate rental sector, with 110 branches throughout the
U.K.  Principal activities are the short-term rental of motor vehicles and the
franchising of the EuroDollar vehicle rental system in 33 countries.  In the
year ending March 31, 1997, EuroDollar had revenue of approximately $172
million, and profits before tax of approximately $13 million.
    Steven R. Berrard, President and Co-Chief Executive Officer of Republic,
said, "The acquisition of EuroDollar will provide Republic's auto rental
division with a strong presence and base for growth in Europe.  At the same
time, by sharing resources and information, EuroDollar, Alamo, and National
will benefit from the complementary activities of their respective U.S. and
European operations.  This is an ideal marriage of very well positioned
companies and we look forward to the many opportunities for growth that lie
ahead."
    Mr. Berrard emphasized that the acquisition will not impact EuroDollar's
existing customers.  "Republic will work closely with EuroDollar's management
team to ensure that the transition is seamless and that customers will not
experience any disruptions in service," he said.
    Republic Industries, Inc. operates subsidiaries 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.,
Spirit Rent-A-Car, Inc., Value Rent-A-Car, Inc., and  Snappy Car Rental, Inc.

SOURCE  Republic Industries, Inc.