Republic Industries Inc. stock rose 7.5 percent Tuesday after the company settled challenges to its efforts to buy Toyota Motor Corp. dealerships.
Shares of the Ft. Lauderdale-based company climbed $1.75, to $25.19.
The agreement announced Monday evening lets Republic, backed by Florida billionaire H. Wayne Huizenga, buy more dealerships and ends lawsuits brought by Toyota.
Still, Republic will be “subject to certain rules and restrictions,” said Yale Gieszl, executive vice president for Toyota Motor Sales Inc., the automaker’s U.S. division.
The Japanese automaker tried to restrict Republic acquisitions because Republic violated Toyota’s limits on the number of dealerships any one company could own.
Republic, which has agreed to buy more than 150 dealerships since December, is positioning itself to be the nation’s largest car retailer with its AutoNation used-car stores and its National and Alamo car rental agencies.
