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Toyota and Republic Industries Reach Final Settlement

30 September 1997

Toyota and Republic Industries Reach Final Settlement

               (The following statement is released jointly by
           Toyota Motor Sales U.S.A. and Republic Industries, Inc.)

    TORRANCE, Calif., Sept. 30 -- Toyota Motor Sales (TMS),
U.S.A., Inc. and Republic Industries, Inc. today announced that
they have signed a final agreement settling their six-month dispute over
Republic's acquisition of Toyota and Lexus dealerships in the United States.
Among other things, the agreement reached by the parties will result in the
dismissal of all pending legal actions, whether before courts or
administrative agencies, in the states of Arizona, California, Florida,
Tennessee and Texas.  The details of the settlement will remain confidential.
    "We believe the final settlement agreement between Toyota and Republic
addresses and resolves the concerns of both parties," said Yale Gieszl,
executive vice president of TMS.  "In the case of Toyota, our primary concern
always has been the protection of our customers and dealers.  The agreement
announced today both accomplishes that objective and paves the way for us to
establish a relationship with Republic."
    According to Steven R. Berrard, president and co-CEO of Republic
Industries, "Republic is very pleased that the final agreement with Toyota
addresses the concerns of both companies.  More importantly, both parties are
now focused on the important job of growing our respective businesses, for the
benefit of consumers, dealers and shareholders.  We look forward to working
alongside Toyota to achieve these objectives."

SOURCE  Republic Industries, Inc.