Republic to Acquire 2 More Dealerships

Republic Industries Inc. agreed to buy two car dealerships, including one in Los Angeles, for $20 million in stock, the latest expansion in Chairman Wayne Huizenga’s chain of new-car dealerships. The acquisition of Champion Chevrolet Co. of Los Angeles and Taylor Jeep-Eagle Inc. in Detroit will bring to 10 the number of dealer groups Republic has bought since it entered the new-car business in December. Earlier this year, Republic purchased Magic Ford and Magic Lincoln-Mercury in Valencia for about $21 million. The new-car dealerships are expected to complement Republic’s AutoNation USA chain of used-car dealerships. Republic also owns and operates solid-waste landfills and has an electronic-security business. Republic shares fell $2 to close at $32 on Nasdaq.