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Edited by Douglas Harbrecht
Republic Industries Inc., Wayne Huizenga's latest growth vehicle, is already the largest car dealer in the nation, and now it plans to get into the auto financing business. The Fort Lauderdale company, which has snapped up a dozen auto dealers since December, will expand into financing by the end of the March, co-Chief Executive Officer Steven R. Berrard said in an interview with Business Week Online.
Using AutoNation, Republic's venture into the used-car superstore business, the company will partner with Ford Motor Credit for parts of the business and with an as-yet unnamed partner for processing services. AutoNation Finance Corp. will do only top-tier A- and B-credit, which will enable it to sell the loans into the secondary market.
Besides the auto business, Republic has zoomed to an estimated $9 billion company as a major player in waste disposal and security systems for homes and businesses.
By Gail DeGeorge in Miami
Copyright 1997, by The McGraw-Hill Companies, Inc. All rights reserved.
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