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Republic Industries to Acquire Denver-Based Elway Dealerships

28 October 1997

Republic Industries to Acquire Denver-Based Elway Dealerships

    Deal Includes Ford, Oldsmobile, Nissan, Toyota, Honda, Mazda, Hyundai
           Franchises; Elway To Sign Long-Term Employment Agreement

    FORT LAUDERDALE, Fla., Oct. 28 -- Republic Industries, Inc.
today announced that it has signed a definitive agreement to
acquire the John Elway automotive dealerships in Denver, Colorado for
approximately $82.5 million, payable in Republic common stock.  The
transaction includes related real estate and is subject to certain conditions,
including manufacturer and government approval.
    The dealerships, which are controlled and managed by John Elway, Jr.,
quarterback for the Denver Broncos, and his partner, Rod Buscher, include
Ford, Honda, Toyota, Nissan, Oldsmobile, Mazda, and Hyundai franchises, and
six retail locations throughout the Denver area.  As a result of the
transaction, Elway will enter into a multi-year employment agreement with
Republic.  Buscher, a 24-year veteran of the automotive retailing industry,
will leave the Elway organization once the transaction closes to pursue other
interests and opportunities.
    The acquisition will add significantly to Republic's presence in Denver,
where it already owns and operates  the Chesrown Automotive Group, which
includes Chevrolet, Geo, Ford, Kia, Dodge, Lincoln-Mercury, and Mazda
franchises in Denver and Boulder.
    Commenting on the proposed acquisition, Steven R. Berrard, President and
Co-Chief Executive Officer of Republic, said, "This acquisition plays a major
role in helping Republic build its Denver automotive retail cluster.  We are
obviously very pleased that John Elway will be joining our team and we look
forward to working with him to further strengthen the already outstanding
Elway dealerships throughout the Denver market."
    John Elway said, "I am convinced Republic's approach to automotive
retailing represents the future of the car business.  By joining with
Republic, we will be well placed to meet the automotive needs of consumers
today and tomorrow.  And, we'll benefit tremendously from the knowledge and
experience of Republic's growing family of premier automotive dealers."
    Republic Industries, Inc. is the largest automotive retailer in the world.
The company also owns and operates National and Alamo and several other rental
car companies, as well as solid waste collection and disposal companies across
the United States.

SOURCE  Republic Industries, Inc.