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Republic Industries to Buy Brown & Brown Auto Group

11 May 1998

Republic Industries, Inc. To Acquire Brown & Brown Automotive Group

 Arizona-Based Company Includes America's Largest Volume Chevrolet Dealership

    FORT LAUDERDALE, Fla., May 8 -- Republic Industries, Inc.
announced today that it has signed a definitive agreement to
acquire all of the dealerships and related real estate of the Brown & Brown
Automotive Group of Mesa, Arizona. The purchase price, which was not
disclosed, will be paid in cash and/or stock.
    The dealerships to be acquired include Brown & Brown Chevrolet of Mesa,
Arizona, the largest volume Chevrolet dealership in America; Brown & Brown
Nissan of Tempe, Arizona, and Brown & Brown Nissan of Mesa, Arizona.
    The Brown & Brown Automotive Group had combined 1997 revenue of
approximately $450 million.  As part of the transaction, Henry Brown,
President, will sign a long-term employment agreement with Republic.
    Also in the Phoenix area, Republic's operations include Lou Grubb
Chevrolet, Lou Grubb Ford, Bell Dodge and Tempe Toyota, and an AutoNation USA
used car megastore in Chandler, Arizona and is expected to open a second
AutoNation USA megastore in the Phoenix area later this year.
    Commenting on the transaction, Republic President and Co-Chief Executive
Officer Steven R. Berrard, said, "We are extremely pleased and proud to
welcome Henry Brown into the Republic family of automotive retailers. The
reputation and success of the Brown & Brown Automotive Group speaks for
itself. We look forward to working with Henry, and with Lou and Dan Grubb,
Mitch Pierce and our other partners in the Phoenix area, to build Republic's
presence in that market by joining forces to better meet the transportation
needs of consumers in Arizona."
    Henry Brown, President of Brown & Brown Automotive Group said, "We are
extremely pleased to be merging with a company as progressive as Republic
Industries.  The automotive retail business is going through quite a change
and I believe that Republic Industries represents the future of the industry.
I firmly believe that this is a win-win situation for both companies.  The
combination of Republic's access to capital together with our employees'
experience and enthusiasm for taking care of our customers' needs makes for an
impressive combination.  In addition, we remain extremely proud to be
associated with Chevrolet and Nissan.  We are very excited about all of the
new products to be rolled out by both manufacturers in the next few months."
    Republic Industries, Inc. is the largest automotive retailer in the United
States. The company also operates 26 AutoNation USA used car megastores and
recently announced the acquisition of Driver's Mart.  The Driver's Mart
franchised used car superstores will be converted to AutoNation USA
megastores. Republic also owns National Car Rental System, Inc., Alamo Rent-A-
Car, Inc., and CarTemps USA.

SOURCE  Republic Industries, Inc.