View all news

Republic Industries Acquires Fox Automotive Group Of Baltimore And L.P. Evans Of Miami

Aug. 19, 1998

Fox Automotive Group and L.P. Evans Motors Add $400 Million of Revenue

FORT LAUDERDALE, Fla., Aug. 19 /PRNewswire/ -- Republic Industries, Inc. (NYSE: RII) announced today that it has signed definitive agreements to acquire the Fox Automotive Group of Baltimore, Maryland, and L.P. Evans Motors, a Mercedes-Benz dealership in North Miami, Florida. The transactions are expected to contribute approximately $400 million of annualized revenue to Republic's operations. The purchase prices, which were not disclosed, will be paid in cash. Each transaction is subject to customary closing conditions, including manufacturer and government approval.

The Fox Automotive Group includes Fox Chevrolet, Inc. of Baltimore, the largest volume Chevrolet dealership in the Baltimore metropolitan area; Fox Chevrolet of Laurel; Fox Buick/Pontiac-GMC/Isuzu, also of Laurel; Fox Chevrolet of Timonium; Fox Hyundai/Lincoln-Mercury/Kia of Baltimore, and Fox Mitsubishi, also of Baltimore. The Fox Automotive Group was ranked as the 47th largest dealership group in America in the 1997 Automotive News 100. As part of the transaction, William Hurwitz, 45, will remain in his role as President of the dealerships. The transaction is Republic's first in the Baltimore/Washington, D.C. area, giving Republic a very strong foundation for continued growth in the market. Republic plans to open two AutoNation USA used car megastores in Baltimore and four in the Washington, D.C. area.

L.P. Evans is one of the largest Mercedes-Benz dealerships in the United States. As part of the transaction, James D. Evans, Jr., the dealer operator, will remain in his role with the dealership. This transaction complements Republic's existing operations in the South Florida market, which includes Star Motors, also a Mercedes dealership, as well as Abraham Chevrolet, the De La Cruz Group, Kendall Toyota, Maroone Automotive, Mullinax Automotive, Steve Moore Chevrolet, Wallace Automotive, and three AutoNation USA megastores.

Commenting on the acquisitions, Republic President and Co-Chief Executive Officer Steven R. Berrard, said, "The Fox Automotive Group and L.P. Evans are two premier automotive retailers in their respective markets and will make outstanding partners in Republic's growing family of leading dealerships. We are especially pleased that we can begin our entry into the Baltimore/Washington market with such a well-known and respected dealership as the Fox Automotive Group. Similarly, L.P. Evans Motors is well-known in South Florida for its outstanding commitment to customer service."

Republic Industries, Inc. operates subsidiaries in the automotive retailing, automotive rental and solid waste industries. The Company owns the nation's largest group of franchised automotive dealerships and operates the AutoNation USA used vehicle megastore chain. Republic also owns and operates National Car Rental Systems, Inc., and Alamo Rent-A-Car, Inc.

SOURCE Republic Industries, Inc.
Categories: Press Releases
View all news