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Republic Industries Acquires Three Florida Dealerships

10 November 1997

Republic Industries Acquires Three Florida Dealerships

  Abraham Chevrolet-Geo in Miami and Tampa; Coastal Cadillac in Port Richey

    FORT LAUDERDALE, Fla., Nov. 10 -- Republic Industries, Inc.
announced today that it has signed definitive agreements to
acquire three Florida automotive dealerships in two separate transactions
valued at approximately $58 million, payable in Republic common stock.  The
acquisitions will help round out Republic's automotive retail clusters in the
Miami and Tampa markets.
    The transactions are subject to certain conditions, including manufacturer
and government approval.
    Republic is acquiring Abraham Chevrolet-Geo in Miami and Abraham
Chevrolet-Geo in Tampa from Anthony Abraham.  The Abraham dealerships had
combined revenue of approximately $200 million in 1996.  As a result of the
transaction, Tom Malouf, general manager of the Tampa store, will sign a
long-term employment agreement with Republic and will remain responsible for
the Tampa operations.  Anthony Abraham, 86, will remain with Republic during
the transition period for six months, after which time he will exit the
business.  Republic will appoint a new general manager for the Miami
operation.
    In a separate transaction, Republic is acquiring Coastal Cadillac of Port
Richey, Florida, from Ronald Salhany and Richard Dimmitt.  The dealership had
revenue of approximately $30 million in 1996.  As a result of the transaction,
Salhany will expand his existing responsibilities with Republic so that he can
manage Coastal Cadillac, in addition to the Lexus of Tampa Bay and Lexus of
Clearwater stores previously acquired by Republic.
    Inclusive of the transactions announced today, Republic will own, or will
have agreements to acquire, 45 dealer groups, representing 228 franchises in
17 states.  "These acquisitions will help round out Republic's existing
automotive retail clusters in the Miami and Tampa markets, strengthening our
commitment to providing consumers the best selection of new and used
vehicles," said Steven R. Berrard, President and Co-Chief Executive Officer of
Republic.
    Republic Industries is the largest automotive retailer in the world. The
company also owns and operates the National and Alamo auto rental companies
and several other auto rental companies, as well as solid waste collection and
disposal companies across the United States.

SOURCE  Republic Industries, Inc.