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Republic Industries, Inc. Acquires Driver's Mart Worldwide

22 April 1998

Republic Industries, Inc. Acquires Driver's Mart Worldwide And Enters Agreement With Driver's Mart Partners To Build And Operate AutoNation USA Megastores

    FT. LAUDERDALE, Fla., April 22 -- Republic Industries, Inc.
announced today that it has signed a definitive agreement with the
retailers of  Driver's Mart Worldwide, Inc. to build and operate as many as 27
AutoNation USA used car megastores by the end of the year 2000.  As part of
the agreement, eight Driver's Mart superstores will be converted to AutoNation
USA franchised stores and will be operated by the individual Driver's Mart
retailers. It is contemplated that 19 additional AutoNation USA franchised
megastores would be developed by the retailers over the next two-and-a-half
years.
    Also as part of the agreement, Republic will acquire Driver's Mart
Worldwide, Inc., the franchisor of the Driver's Mart concept, for
approximately $40 million in cash, plus certain contingent payments based on
development and performance of future stores.  The agreement also provides an
option for Republic to purchase the AutoNation USA stores in the future at a
predetermined price.
    Driver's Mart Worldwide, Inc. is the corporate organization and franchisor
of Driver's Mart, a national chain of used vehicle superstores.  The company
is owned by a group of leading automotive dealers.  The transaction does not
include the franchised vehicle dealerships owned by the individual retailers.
    Driver's Mart stocks a large selection of late model reconditioned used
vehicles which it sells to consumers in a no-haggle, one-price environment.
When converted to AutoNation USA megastores, the former Driver's Mart
superstores will operate under AutoNation USA standards.
    Steven R. Berrard, President and Co-Chief Executive Officer of Republic
Industries said, "Our partnership with the Driver's Mart retailers accelerates
our rollout of the AutoNation USA stores in many key middle market cities.  In
addition, the partnership moves us closer to our goal of being a national
brand. We are also excited that the acquisition of Driver's Mart Worldwide
establishes relationships with many of the country's leading automotive
retailers.  This reflects our shared strong belief in the used car megastore
concept."
    Thomas W. Eggleston, President and CEO of Driver's Mart said, " We are
very excited to partner with Republic Industries, the clear driving force of
innovation in automotive retailing."  Mr. Eggleston will sign a long-term
employment agreement with Republic.
    Donald E. Flow, Chairman of Driver's Mart Worldwide, said, "It is with
great enthusiasm that the retailers of Driver's Mart join forces with
AutoNation to fulfill our original mission to create a truly nationally
branded customer-oriented, retail automotive shopping experience in the used
car superstore arena."
    Republic Industries, Inc. operates subsidiaries in the automotive
retailing, automotive rental, and solid waste services industries. The Company
owns the nation's largest chain of new vehicle dealerships and operates a
chain of used car megastores which it operates under the AutoNation USA brand
name. Republic also owns National Car Rental System, Inc., Alamo Rent-A-Car,
Inc. and CarTemps USA.

SOURCE  Republic Industries, Inc.