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Republic Industries, Inc. Completes Acquisition Of Lokey Honda And Lokey Isuzu

28 January 1998

Republic Industries, Inc. Completes Acquisition Of Lokey Honda And Lokey Isuzu

    FORT LAUDERDALE, Fla., Jan. 28 -- Republic Industries, Inc.
announced today that it has closed on the acquisition of Lokey
Honda and Lokey Isuzu, both of Clearwater, Florida, in an all cash
transaction.  Despite Honda's strategy of attempting to use litigation to
block Republic's acquisition of Honda dealerships, Honda permitted Republic to
close the Lokey Honda acquisition by failing to object to the acquisition
within the time period specified by Florida franchise law.  Including the
Lokey transaction, Republic now owns three Honda dealerships and an Acura
dealership.  In each case, Honda failed to object to the acquisition of these
dealerships under state franchise law, permitting Republic to complete the
acquisitions.
    As a result of the transaction, Tom Lokey, 52, dealer principal of the two
dealerships, has signed a long-term employment agreement with Republic. Lokey
Honda and Lokey Isuzu had 1997 combined revenue of approximately $45 million.
The acquisition adds to Republic's automotive retail cluster in the Tampa/St.
Petersburg area, where Republic already owns Lexus of Tampa Bay and Lexus of
Clearwater, Kenyon Dodge, the Quinlan Automotive Group, Carlisle Motors,
Coastal Cadillac, and Anthony Abraham Chevrolet, and where it operates two
AutoNation USA used car megastores.
    Republic Industries, Inc. 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.