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Republic Industries Buys Emich Automotive Group

3 November 1997

Republic Industries Strengthens Denver Market Cluster With Acquisition of Emich Automotive Group 

    FORT LAUDERDALE, Fla., Nov. 3 -- Republic Industries, Inc.
announced today the acquisition of the Emich Automotive Group of
Denver, Colorado for approximately $54 million in Republic common stock.  The
transaction includes all related real estate and closed on October 31, 1997.
    The acquisition will add substantially to Republic's presence in the
Denver market, where the company owns and operates the Chesrown Automotive
Group and where it recently signed a definitive agreement to acquire the John
Elway automotive dealerships.
    The Emich Automotive Group is composed of 13 franchises including such
manufacturer brands as GMC Truck, Oldsmobile, Buick, Pontiac, Jeep-Eagle,
Chrysler-Plymouth, Subaru, Dodge, Lincoln-Mercury and Mitsubishi.  The
dealerships had combined revenue of $294 million in 1996.  In April, 1998,
Emich intends to relocate certain of its GM franchises to a new GM AutoMall
being developed near the new Park Meadows "Super Regional" mall.  The GM
AutoMall is the first of its kind and represents GM's new strategy for
streamlining the car buying experience.
    As a result of the transaction, Fred Emich III, a third generation
automotive retailer, will sign a long-term employment agreement with Republic
and will retain his responsibilities at the dealerships.
    Commenting on the proposed acquisition, Steven R. Berrard, President and
Co-Chief Executive Officer of Republic, said, "Republic is making a
significant investment in the Denver area as part of nation-wide effort to
establish retail clusters in major automotive markets.  When combined with our
investments in the Chesrown Group and our pending acquisition of the John
Elway dealerships, the Emich transaction will give Republic a leading presence
in the Denver area and a strong base for growth throughout the Mountain
states.  We look forward to welcoming Fred Emich and the entire Emich team
into the Republic dealership family."
    Fred Emich said, "We are investing in Republic Industries because we share
a commitment to building customers for life.  By working with Republic, we
will be able to grow our business at a faster rate while still meeting
customer expectations.  The automotive retailing industry is changing very
quickly and we are convinced that this transaction will keep the Emich
dealerships in front of the competition."
    Inclusive of the transaction announced today, Republic will own and
operate 41 dealer groups, representing 220 franchise locations in 17 states.
    Republic Industries 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.