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Republic Industries, Inc. Announces Stock Repurchase Program

Aug. 25, 1998
FORT LAUDERDALE, Fla., Aug. 25 /PRNewswire/ -- Republic Industries, Inc. (NYSE: RII) today announced that its Board of Directors has authorized the repurchase of up to $500 million of the Company's common stock. The stock repurchase program will be conducted over the next 12 months.

Republic said it would repurchase its common stock, from time to time, through open market purchases or in negotiated private transactions. The Company said it will base repurchase decisions on such factors as the stock price, general economic and market conditions, and the status of the Company's on-going acquisition strategy. Merrill Lynch & Company will administer the repurchase program.

Commenting on the repurchase program, Republic President and Co-Chief Executive Officer Steven R. Berrard, said, "The Board of Directors and the senior management team of Republic Industries believe that this announcement reinforces our confidence in the financial strength of the Company and our ability to provide value for the shareholders."

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., Alamo Rent-A-Car, and CarTemps USA.

SOURCE Republic Industries, Inc.
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