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Republic Refutes Toyota's Charges

22 August 1997

Republic Refutes Toyota's Charges

    FORT LAUDERDALE, Fla., Aug. 21 -- The following is Republic's
response to Toyota's statement and can be attributed to Steve
Berrard, president and Co-CEO of Republic Industries.

    -- Mr. Press' comments skirt the issue, as has become typical of Toyota.
       His comments do not address the substance of the attorneys general
       opinion, which is that dealer's have the right to sell and that
       Republic has the right to buy.

    -- We are anxious for a resolution to this matter.  If Toyota wants to
       bring this matter to a head then they should negotiate with Republic
       in good faith instead of using the courts to delay us and intimidate
       dealers who would like to join Republic.

    -- Toyota says that "reasonable limits to control Republic's appetite are
       justified."  In fact, we own just 3 of their 1,300 dealerships.  We
       seek to own a limited handful over time.  Toyota is the "Goliath" in
       this case and no one should be tricked into thinking otherwise.

    -- Toyota's claim that Republic has a reputation for "storming an industry
       and then selling out" is misguided.  There is absolutely no basis in
       fact for that statement.  Wayne Huizenga has invested 32 years in 2
       companies and has now made a long term investment in Republic
       Industries.  We are in this for the long haul and you can count on
       that.

SOURCE  Republic Industries