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Huizenga, Toyota agree
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August 25, 1997: 8:56 p.m. ET
Republic Industries reaches deal allowing chain to buy more franchises
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NEW YORK (CNNfn) - After a heated, and sometimes public battle, Wayne Huizenga and Toyota Motor Corp. Monday reached a late-evening deal that allows Republic Industries, Huizenga's Fort Lauderdale, Fla., conglomerate, to add to its line of Toyota dealerships.
The agreement, reached after 6-1/2 hours of continuous negotiations in Dallas, is contingent on certain unspecified conditions being met.
The two sides agreed Thursday to a meeting on the issue in a joint appearance on CNNfn, just after Huizenga said he had lined up the support of 23 former state attorneys general who maintained state laws allow the acquisitions.
"Republic may buy more Toyota dealerships under certain Toyota policies," according to a joint statement made at a Dallas hotel.
Republic, the nation's largest dealership group, has been fighting with Toyota over limits it had set on the number of dealerships it could purchase. Toyota limits a single owner to seven Toyota franchises and three Lexus dealerships. New dealerships can be added only every nine months.
Huizenga is trying to position Republic's AutoNation superstore chain as a dominant player in automotive retailing by offering one-stop sales, service and rental. In addition to auto dealerships, Republic owns the National, Alamo and Spirit rental car lines.
Republic still faces a similar battle with American Honda Motor Co. Inc., which Monday asked a U.S. District Court in California to issue a preliminary injunction to stop Republic from buying Honda and Acura dealerships until a judge hears Honda's lawsuit against Republic.
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Toyota
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