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Republic Industries Agrees to Buy Maroone Automotive Group.(Originated from The Miami Herald)
Jan. 15--Two weeks ago, H. Wayne Huizenga was another shopper on the new car lot; today, he may be the biggest new-car dealer in the nation.
Wayne Huizenga, the nation's biggest new-car dealer?
Republic Industries, Huizenga's multi-faceted company in Fort Lauderdale, Tuesday agreed to buy Maroone Automotive Group for $200 million worth of Republic stock. Maroone is the fifth new-car dealer Republic has bought since Jan. 3.
The acquisitions will make Republic a $2.2 billion-a-year player in the new-car business. That would be good for first place on Automotive News' 1996 list of top 100 dealer groups, a list now headed by Charlotte dealer Rick Hendrick. Hendrick, however, is under a federal indictment accusing him of money laundering, fraud and conspiracy.
Maroone, with seven new-car franchises in four locations in Dade and Broward counties, will give Republic its biggest new-car presence yet in …
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