Republic Industries Inc. reached an agreement with Toyota Motor Corp. that will allow it to buy more Toyota dealerships, Chairman Wayne Huizenga said.
As part of the agreement, Toyota will drop all litigation against Republic, which has bought a number of Toyota dealerships, as well as others, in its plan to become the largest U.S. new car dealer.
Huizenga and Republic President Steven Berrard met with top executives of Toyota’s U.S. division for more than seven hours at a Dallas hotel before announcing the agreement.
“There was an element of compromise,” said Yale Gieszl, executive vice president for Toyota Motor Sales Inc.
“Clearly, Republic will be acquiring more dealerships,
but they will be subject to certain rules and regulations of
Toyota.”
Neither Gieszl nor Huizenga would discuss details of the agreement. Huizenga also declined to discuss how many Toyota dealerships he plans to buy.
