January 15, 1997 |
Billionaire Wayne Huizenga's Republic Industries Inc. added another sales outlet to its mushrooming auto-retailing business with the $200-million acquisition Tuesday of a leading Florida car dealer. Maroone Automotive Group is Republic's second car dealership acquisition in as many days. On Monday, it agreed to buy Grubb Automotive Inc., which operates six Phoenix-area dealerships, for $100 million in stock. Also this week, Republic struck an agreement with General Motors Corp.
May 15, 1997 |
Republic Industries Inc. escalated a battle over auto franchise ownership Wednesday, saying it will buy two more Toyota dealerships despite the auto importer's concern that it is buying too many too fast. Toyota Motor Sales U.S.A. Inc. and American Honda Motor Co., both headquartered in Torrance, are resisting what they believe is a move by Republic Chairman H. Wayne Huizenga to gain control of up to 20% of their total U.S. retail sales.
August 15, 1998 |
Republic Industries Inc. has agreed to buy three franchise car dealership groups in Southern California, including the region's largest sellers of Mercedes-Benz and Jeep vehicles. The deals, among six separate transactions announced Friday, would make Republic one of the largest car retailers in Southern California. With the acquisitions, Republic's local holdings will increase to 11 franchises and 50 locations, said Jim Donahue, vice president of communications for Republic.
January 31, 1997 |
Republic Industries Inc. said Thursday that its losses widened in the fourth quarter as it took one-time charges related to its $625-million purchase of Alamo Rent-a-Car Inc. and other companies. The diversified holding company based in Fort Lauderdale, Fla., said its losses grew to $96.6 million, or 38 cents a share, in the fourth quarter from $8.3 million, or 3 cents a share, in the year-ago period. Revenue jumped 51%, to $663 million from $438 million. Republic, led by billionaire H.
February 24, 1999 |
The nation's two largest operators of used-car superstores appear to be tossing in the towel on their narrow strategy of killing the competition with size and service instead of price. CarMax Group said Tuesday that it will delay expansion of its superstores into the Los Angeles area until next year as it tests a new strategy of opening smaller stores in other metropolitan markets.
October 31, 1997 |
Imation Corp., reporting a third-quarter net loss on lower revenue, on Thursday said it would slash as much as 15% of its work force and take a $200-million charge in the current quarter to restructure its operations. The company, which manufactures data storage and imaging devices, recorded a net loss of $38.7 million, or 97 cents a share, in the third quarter, contrasted with net income of $41.7 million, or $1.05 a share, a year ago. Revenue declined to $529.5 million from $559.
December 21, 1996 |
In a move that could speed restructuring of auto retailing, Ford Motor Co. on Friday dropped its opposition to the sale of new-car dealerships to publicly owned companies. The decision relates specifically to Republic Industries, a company headed by billionaire entrepreneur Wayne Huizenga, but will be broadly applied to other qualified publicly owned companies that want to acquire Ford dealerships.
October 24, 1996 |
Unocal Corp. on Wednesday said third-quarter profit tripled because of increased natural gas production, higher petroleum prices and improved profit from West Coast refining and marketing. The El Segundo-based company's profit from operations rose to $153 million, or 61 cents a share, from $50 million, or 17 cents, in the year-ago quarter. Wall Street expected Unocal to earn 58 cents a share, according to the average estimate of analysts.
February 2, 1997 |
It was an investors' love fest, and the master of ceremonies was south Florida's version of King Midas. The shareholders came here last month to pay homage to H. Wayne Huizenga, a 59-year-old multibillionaire entrepreneur and sports mogul, and to approve a bit of corporate bookkeeping that clears the way for Huizenga to accomplish what Detroit could not: revolutionize the way cars and trucks are sold in America. It was a rout--99.
August 22, 1997 |
Billionaire H. Wayne Huizenga's Republic Industries, whose ambitious campaign to acquire auto dealerships has been clouded by the legal maneuvers of Toyota and Honda, took its battle with the Japanese auto makers to the court of public opinion Thursday. Republic paraded 23 former state attorneys general before a news conference in New York. They endorsed the company's right to buy multiple dealerships of the two Japanese manufacturers and said the acquisitions would benefit consumers.