1. Financial Highlights
Selected Financial Data
As of and for the Years Ended December 31,
(In millions, except per share data)
1997 1996 1995 1994 1993
Revenue . . . . . . . . . . . . . . . . . . . . . $10,305.6 $6,094.6 $4,526.9 $3,376.8 $2,695.3
Income from continuing
operations before
extraordinary charge. . . . . . . . $ 200.2 $ 7.4 $ 38.3 $ 48.5 $ 37.8
Net income (loss) . . . . . . . . . . . . . . $ 439.7 $ (15.8) $ 18.1 $ 47.1 $ 12.2
Basic earnings (loss) per share:
Continuing operations . . . . . . . $ .50 $ .02 $ .16 $ .26 $ .21
Discontinued operations . . . . . . $ .59 $ .03 $ (.08) $ (.01) $ (.14)
Extraordinary charge. . . . . . . . . $ — $ (.10) $ — $ — $ —
Net income (loss) . . . . . . . . . . . . $ 1.09 $ (.05) $ .08 $ .25 $ .07
Diluted earnings (loss) per share:
Continuing operations . . . . . . . . $ .46 $ .02 $ .15 $ .26 $ .21
Discontinued operations . . . . . . $ .56 $ .02 $ (.08) $ (.01) $ (.14)
Extraordinary charge. . . . . . . . . $ — $ (.09) $ — $ — $ —
Net income (loss) . . . . . . . . . . . . $ 1.02 $ (.05) $ .07 $ .25 $ .07
Total assets . . . . . . . . . . . . . . . . . . . $10,527.3 $6,735.0 $5,336.8 $3,405.5 $2,921.9
Revenue earning vehicle debt. . . . $ 4,172.1 $3,380.4 $2,961.2 $1,829.2 $1,509.1
Long-term debt, net of current
maturities. . . . . . . . . . . . . . . . . . $ 370.9 $ 393.6 $ 329.7 $ 298.9 $ 265.2
Shareholders’ equity . . . . . . . . . . . $ 3,484.3 $1,413.0 $ 772.8 $ 425.8 $ 368.2
See Notes 2, 4, 6, 10 and 11 of Notes to Consolidated Financial Statements for discussion of business combinations,
notes payable and long-term debt, shareholders’ equity, restructuring and other charges and discontinued
operations and their effect on comparability of year-to-year data.
TOTAL ASSETS
REVENUE SHAREHOLDERS’ EQUITY
($ in millions)
($ in millions) ($ in millions)
$12,000
$12000 $3600 3,484
10,52
10,306
9,000
9000 2700
6,735
6,095
6,000
6000 1800
5,337
1,413
4,527
3,377 3,406
2,922
2,695 3,000
3000 900 773
426
368
0
0 0
1993 1994 1995 1997
1996
1993 1994 1995 1997
1996 1993 1994 1995 1997
1996
Source: Republic Industries, Inc., 1997 Source: Republic Industries, Inc., 1997 Source: Republic Industries, Inc., 1997

2. 2
A Message from Management same time, we merged our dealerships and used
car megastores into a single “Automotive Retail”
division, and in the process we enlarged our automotive
Dear Fellow Shareholder:
“family” to include more than 50 of the most
In this space last year, we told you that Republic
successful vehicle dealers in America. Every one of
Industries would “continue to expand in exciting
these dealers plays a key role in our success. Also
ways” during 1997. As it turns out, that may have been
during 1997, we opened 18 additional AutoNation
an understatement. The growth that your company
USA used vehicle megastores, bringing the total
experienced in 1997 was nothing short of dramatic.
number of megastores in operation to 25. And early
During the year, revenue increased to $10.3 billion
in 1998, we opened our 26th AutoNation USA
compared to the $2.3 billion we reported in our 1996
megastore.
annual report. Net income increased to $300 million,
In our automotive rental division, Republic’s 1997
or seventy cents per share, excluding non-recurring
acquisitions of the National, Snappy, Spirit, Value,
gains and charges. And while we closed 1996 with
and EuroDollar vehicle rental companies, combined
only one franchised vehicle dealership, by the end
with the earlier acquisition of Alamo Rent-A-Car,
of 1997, Republic had become America’s largest
established us as one of the leading vehicle rental
automotive retailer, with more than 270 franchised
companies in the world.
vehicle dealerships owned or under contract. At the
From left to right: Steven R. Berrard, President & Co-Chief Executive Officer, Harris W. Hudson, Vice Chairman &
H. Wayne Huizenga, Chairman of the Board & Co-Chief Executive Officer.

3. or family use, or to replace a vehicle that is being
In the solid waste segment, strategic acquisitions
repaired. At the same time, Republic is making
and strong internal growth propelled Republic
a significant investment in upgrading the
into the leading ranks of solid waste companies in
computerized reservation systems of its vehicle
America. Major waste acquisitions during the year
rental companies. These system improvements
included Taormina Industries in California, Silver
will enable improved fleet coordination among
State Disposal Services in Nevada, National Serv-All
all of our vehicle rental companies.
in Indiana and AAA Disposal Services/Rainbow
In its solid waste segment, Republic’s strategy
Industries in Virginia.
is to grow revenue and earnings through internal
One of the most significant milestones of the
sources and strategic acquisitions. We believe the
year is the fact that we grew from fewer than
move toward consolidation in solid waste will
5,000 employees at the end of 1996, to more than
continue and that Republic will play an important
50,000 employees by the end of 1997.
role in this trend. We are also leveraging our scale
Notwithstanding the significant operational and
to achieve operating efficiencies and to improve
financial gains during the year, Republic’s stock price
margins in existing operations.
for much of 1997 did not reflect our achievements.
Also during 1997, Republic Industries welcomed
This was a major disappointment, especially since
Robert Brown, Chairman and Chief Executive Officer
the fundamentals of our businesses are sound and
of B&C Associates, Inc., to your Board of Directors.
the consensus for the future is bright. The consensus
Mr. Brown brings more than 35 years of management
analysts’ estimate for 1998 is for a nearly 80 percent
experience to his post. His company helped pioneer
increase in revenue to $18 billion and full-year
the field of social and public responsibility.
earnings per share of $1.20 – an increase of more
1997 was indeed a year of tremendous growth
than 70 percent versus 1997. Our main mission in
for your company. Our automotive retail division
1998 is to do our best to ensure that our businesses
became the largest vehicle retailer in the country.
produce these results. We believe that this kind
Our vehicle rental division became one of the largest
of continued strong financial performance will be
automotive rental companies in America. And our
reflected in the stock price.
solid waste division joined the ranks of the nation’s
And what is our strategy for achieving these
largest waste companies. We look forward to your
results? In the automotive retail segment, Republic
support as we continue to grow in the years to come.
seeks to become America’s leading retailer of
transportation products and services. To do this,
Sincerely,
we have assembled an unparalleled network of
franchised dealerships and used car megastores.
Experienced dealers manage these operations.
Working in retail districts, they are eliminating
inefficiencies and lowering costs. And by cooperating
on such key business drivers as inventory management,
marketing, advertising, sales, service, and management,
our dealer partners are helping Republic become the H. Wayne Huizenga
low cost provider of new and used vehicles wherever Chairman & Co-Chief Executive Officer
we compete – improving margins and building
customers for life in the process.
In the vehicle rental segment, Republic is leveraging
the equity of its brand names to improve its business
in three areas: business, leisure and local/replacement
rentals. In the business rental arena, National has
made significant improvements in its customer Steven R. Berrard
service record. This progress was confirmed recently President & Co-Chief Executive Officer
by a J.D. Power survey in which National tied with
Hertz and Avis for first place in an annual
measurement of customer satisfaction. On the
leisure side, Alamo remains a leading provider
of rental vehicles at many of the most popular
vacation destinations in the world. And in the
local/replacement rental category, Republic has Harris W. Hudson
launched the CarTemps USA™ brand to serve Vice Chairman &
customers who want to rent a vehicle for personal Chairman Republic Solid Waste Division

4. 4
The U.S. Auto Industry: 100 dealership groups in the
DECLINE IN THE NUMBER
OF DEALERSHIPS
United States have a combined
(in thousands)
A Trillion Dollar Opportunity market share of less than
30 29.6
27.9
The U.S. vehicle retail and vehicle rental 10 percent of a $700 billion
24.7 24.8
25
22.6
industry – defined as new and used vehicle retailing, market. Republic enjoys the
20
vehicle rentals, parts and service, and vehicle finance – largest share at slightly more
accounts for more than $1.3 trillion in annual 15
than one percent. Further,
revenue, making it one of the largest industries in these 100 dealership groups
10
America. Beyond its size, the vehicle retail and account for no more than
5
vehicle rental industry is undergoing dramatic roughly five percent of total
0
changes, as market forces drive greater operating dealerships in the United
1975 1980 1985 1990 1997
efficiencies, higher consumer satisfaction and stronger States, underscoring the
Source: National Automobile Dealers Association
brand presence. A highly fragmented market with fragmented state of automotive retailing. In all, there
excess costs, disgruntled consumers and no strong are more than 22,000 franchised dealerships in the
national retail brand translates into “the trillion United States today, down from more than 36,000 in 1960.
dollar opportunity” – an opportunity that Republic To further illustrate this fragmentation, compare
Industries is uniquely positioned to develop. the automotive retail industry to the consumer
electronics industry, where the top 10 players have
1997 DOMESTIC AUTOMOTIVE MARKET
a combined 60 percent share; or to the home
($ in billions)
improvement industry, where the top 10 companies
account for 40 percent of the
Retail Rental Finance Parts/
VALUE OF VEHICLE
market. In short, despite the
$16 $459 Service
SALES TRANSACTIONS
$189 ($ in billions)
rapid growth of Republic,
New Used
Vehicles Vehicles
automotive retailing in the $800
$330 $370
688 700
United States remains a 700 660
366 370
627
363
600
very fragmented business. 342
527
500 279
With fragmentation
$1.3 Trillion Opportunity
comes significant inefficiencies 400
Source: National Automobile Dealers Association
300 322 330
that increase the price that 297
285
200 248
The challenge for Republic is to use its financial consumers pay for a vehicle.
100
resources, operating expertise, marketing skills According to industry statistics,
0
and vast retailing experience to achieve its goal as much as 30 percent of a 1993 1994 1995 1996 1997
of becoming the nation’s leading retail provider USED VEHICLES NEW VEHICLES
vehicle’s selling price is tied
Source: National Automobile Dealers Association
of automotive transportation and related services. up in distribution costs. Clearly,
Republic participates in every segment of the the potential to provide greater value to consumers by
automotive retail industry, positioning itself as reducing costs through consolidation and operating
the “total transportation solution” to its customers’ efficiencies is significant. Considering that today’s
needs. Our broad-based participation will allow us average price of a new vehicle is nearly $23,000,
to take a total life-cycle approach to each vehicle. which most Americans cannot afford, it’s not
Using this strategy, we look at each vehicle as an surprising that alternatives to traditional automotive
asset whose value can be maximized through retailing, such as buying services and the internet, have
multiple transactions throughout its useful life. developed quickly.
A fragmented and inefficient industry has
Automotive Retail: A Fragmented Industry translated into a fickle and unsatisfied consumer.
Many customers never return to the same dealership
The automotive retail business is highly
for service, much less to buy another vehicle.
fragmented. According to industry data, the top

5. in other ways. According to industry estimates,
DEALERSHIP PROFIT BY DEPARTMENT
approximately 30 percent of the total number of
1985 1997
New
used vehicle sales are made through classified ads
Parts &
Vehicle
Service
Sales
57%
and casual private transactions between
77%
Used
individuals. In addition, more than two-thirds of
Vehicle
Sales
7%
consumers do not like negotiating price and 15
percent pay someone else to do the negotiating.
New
Parts & Vehicle
Service Sales
16% 14%
Used
Vehicle Rental: Continuing Opportunities
Vehicle
Sales
29%
The U.S. vehicle rental business has undergone
Source: National Automobile Dealers Association
a dramatic transformation in a short time. Whereas
A recent New York Times survey found that only
many rental companies were once owned and used
14 percent of automotive consumers are satisfied
by auto manufacturers to dispose of vehicles that
with their buying experience, and a University of
could not be sold at retail, vehicle rental companies
Maryland study said that consumers would rather
today are owned primarily by companies working to
visit a dentist than a vehicle dealer.
maximize revenue and profitability.
Given the great number of dealerships and
Revenue in the vehicle rental business is expected
the low levels of consumer satisfaction, it is also not
to grow at a healthy rate through DOMESTIC VEHICLE
surprising that there is little retail brand equity in
the remainder of the decade, RENTAL REVENUE
the dealer community. The marketing opportunity GROWTH ($ in billions)
and analysts expect the
based on this consumer dissatisfaction is to build a 16.4
industry to grow to $20 billion $16
retail brand that consumers know and trust. This is 14.6
by the end of the year 2000. 13.0
12.7
what Republic is doing with its AutoNation USA brand.
Republic is well 12
11.1
Republic believes the consolidation trend in the
positioned to become a major
franchised vehicle dealership segment will continue,
player in the vehicle rental 8
given the auto manufacturers’ increasing recognition
industry, with National Car
that their dealership networks are too large. Republic 4
Rental as its primary business
is in the vanguard of this consolidation process.
brand, Alamo Rent-A-Car as
Used Vehicles: A Booming Consumer Market 0
the main brand for leisure 1993 1994 1995 1996 1997
travelers, and CarTemps USA Source: Auto Rental News
Over the last decade, the used vehicle market
as its new brand in the local/replacement rental
has performed even better than the new vehicle
business – a market segment that serves consumers
retail market, with revenue increasing at a six percent
whose own vehicles are being repaired or replaced.
annual rate. Also, used vehicle margins are generally
In summary, this is the U.S. vehicle
higher than those for new vehicles.
retail and vehicle rental
Growth in the used vehicle market has been
industry today: a huge, yet
1997 DOMESTIC RENTAL
spurred by the increasing price of new vehicles, the VEHICLE FLEETS
fragmented market under-
availability of a range of financing options, and (in thousands)
310
going dynamic change in an
improved vehicle quality. The result is that the used 300
effort to deliver increased
vehicle market has become a primary profit maker 250
consumer value while
for many franchised vehicle dealerships. 200
200
eliminating unnecessary
American consumers are generally as unhappy
125
costs and achieving greater
with their used vehicle buying experiences as they
100
profitability. It is a market
are with their new vehicle buying experience. They
looking for what Republic
are often dissatisfied with the service, pricing and
0
Industries is uniquely
quality offered by traditional vehicle dealers. Their BUDGET AVIS HERTZ REPUBLIC
positioned to provide.
dissatisfaction has caused them to seek used vehicles Source: Auto Rental News

6. 6
The District Model: Delivering this promise will move Republic toward its objective
of building “customers for life.”
Greater Consumer Value Each district is managed by an experienced
During 1997, Republic merged its franchised automotive retailer familiar with the given market,
vehicle dealerships and used vehicle megastores providing Republic with the opportunity to
into a single division. The company also established leverage his or her local knowledge.
a network of automotive retail districts for operating The district model is designed to deliver
these combined businesses. Republic expects the consumer benefits by leveraging economies of scale
results of these actions to include significantly to lower advertising costs, and to achieve discounts
enhanced operating efficiencies. A major goal of on parts and supply buying, insurance and other
every retail district is to ensure that Republic is administrative expenses. We believe these savings
consistently the low cost provider. Making good on and other efficiencies will position Republic as the
South Florida

7. low cost provider for both new and used vehicles. that will be implemented across the district
Coupled with our efforts to build services that drive and which will ultimately be applied throughout
customer satisfaction, our district model provides AutoNation USA.
a way for Republic to leverage the talents and In addition, retailers in each district are
thousands of years of collective experience of working together to share “best practices,” so that
its world-class automotive retailers. customers will enjoy a similar vehicle buying
Then there are the benefits of having experienced experience when they come to any Republic
automotive people working together to make local franchised vehicle dealership or used vehicle
market decisions. This wealth of talent is every bit megastore. These best practices run the spectrum,
as important an asset as the vehicles we sell, finance, from the most efficient way to manage inventory,
rent and repair. Automotive retailers in each district to those programs and policies that best deliver on
are developing customer-friendly operating standards customer satisfaction.

8. 8
Another benefit of the district model is that the reflects the consumer-buying patterns of each
AutoNation USA used vehicle megastores will also specific market.
benefit from the inventory generated by Republic’s In time, Republic will build the brand equity
network of high-quality franchised vehicle dealerships of the AutoNation USA name so that it spans our
that sell over 35 different vehicle brands. Republic is entire automotive retail division, making AutoNation
developing an inventory management system that will USA the first truly national, broad-based retail
enable it to track and move inventory in each district, automotive brand in the United States. AutoNation
based on the needs of consumers and the individual USA provides customers with a consistently high-
vehicle dealerships and used vehicle megastores in quality vehicle buying experience, no matter which
that district. The objective is to ensure that the Republic outlet they visit. This is basic to building
vehicle inventory in our megastores and dealerships the kind of brand equity that will differentiate

9. AutoNation USA from the competition.
We deliver a variety of benefits to all of our AUTOMOTIVE RETAIL DISTRICTS
customers: a convenient, comfortable atmosphere
in which to shop; fair, honest service; a range of
vehicles and price points to choose from; an
equally broad range of financing alternatives
and access to a growing range of benefits that
come from being a “citizen” of AutoNation
USA. These benefits should translate into
the lifelong relationship with customers
276 Franchise Dealerships
that is the cornerstone of our strategy. 30 So. California 28 South Texas
9 Southwest 17 North Texas
31 Denver 33 Northeast
18 Northwest 35 South Florida
32 Southeast 43 North Florida

10. 10
Buying A Used Vehicle: buy a used vehicle and backs it up with no-haggle
prices, a large and broad selection of high quality
AutoNation USA Makes It Easy vehicles, customer-friendly sales assistance, a 99-day
For many people, buying a used vehicle is one limited warranty and a seven-day money back
of life’s truly unpleasant experiences. Poor service, guarantee. AutoNation USA’s goal is to offer the lowest
limited selection and a lack of convenience are priced, highest quality used vehicles, supplemented by
hallmarks of the traditional used vehicle buying a package of “citizenship” benefits that create even
experience. The process is ripe for change. more value in the relationship with our customers.
Republic’s AutoNation USA used vehicle Citizens of AutoNation USA receive a “passport,”
megastores are helping to drive this change. which entitles them to several benefits, including one
AutoNation USA “makes it easy” for consumers to year of free 24-hour roadside assistance and discounts
Coconut Creek, Florida

11. on automotive merchandise at AutoGear accessory
shops within the AutoNation USA megastores. We
are exploring additional services that would make
passport citizenship even more valuable, including
access to service and repair work and discounts on
rental vehicles from Republic’s vehicle rental companies.
From the moment a customer sets foot in an
AutoNation USA megastore, he or she knows that
they are in an environment very different from the
usual. Everything – from the open, customer-friendly
store layout to the spacious outdoor display areas, to

12. 12
the indoor play centers for kids to the coffee bar/cafe forms of binding agreements.
– conveys comfort, convenience and friendliness In addition, we intend to drive additional
to the consumer. revenue and earnings through expansion of our
In 1997, Republic opened 18 new AutoNation captive finance subsidiary. AutoNation USA’s
USA megastores, bringing the total number of finance arm will provide a strong competitive
megastores to 25 at year’s end. Republic opened its advantage over traditional vehicle dealers by
26th AutoNation USA megastore in early 1998. offering special financing terms and innovative
This greater critical mass enables the company financial products to AutoNation USA buyers.
to begin building a national automotive retail brand. In 1998, AutoNation USA will also benefit
The sites necessary for additional future expansion greatly from the district model concept, especially as
have been identified and most are under various it relates to the sourcing of quality used vehicles. Our

13. goal for 1999 is to obtain the majority of
AUTONATION USA MEGASTORES
AutoNation USA’s used vehicles from
internal sources.This will give Republic
a clear and sustainable competitive
advantage versus competitors.
AutoNation USA will continue to
build on its consumer-friendly positioning
while adding new customer benefits and
new locations. In doing so, it will improve
the used vehicle buying process and it
will build the value of its brand franchise.
AutoNation USA Megastores – 26
Reconditioning Centers – 7

14. 14
Republic Vehicle Rental Division: have integrated all of these rental companies into
a single division, to take full advantage of group
Building on Momentum purchasing opportunities and administrative efficiencies.
During 1997, Republic became the largest This is expected to drive down costs and improve
on-airport vehicle rental company in America, as margins. Our ability to manage costs make the
measured by fleet size. As such, the company is prospects for increases in vehicle rental profitability
well positioned to take full advantage of the changes extremely bright.
that are driving dramatic growth and expansion Republic’s National Car Rental brand is a leader
in the vehicle rental market. in the business travel market, while Alamo Rent-A-Car
Republic acquired six different vehicle rental has a similar position in the leisure market. Because
brands in the past 18 months, including Alamo National rents most of its vehicles during the week
Rent-A-Car and National Car Rental System. We and Alamo is busiest on weekends, we are looking to
Newark, New Jersey

15. take advantage of opportunities in markets that will accommodate customers, National built more
result in better fleet utilization and more profitable, than 200 additional exits over the past year to allow
productive use of each rental vehicle. At the moment, customers to leave rental locations with a minimum
sharing of fleet between the two companies is on a small of time and hassle. This and other customer service
scale, focusing primarily on special-purpose vehicles. enhancements led to National tying for first place in
By early 1999, however, this program should expand the 1998 J.D. Power Domestic Rental Car Customer
to involve the division’s entire fleet of vehicles.
Republic is also working hard to improve existing
business processes in its vehicle rental companies.
For example, the success of National’s Emerald
Aisle “pick your own” vehicle approach significantly
increased the speed of the rental process. To

16. 16
Satisfaction Survey, and leading in three of the five number two in this market, with $200 million in revenue.
customer service categories. At Alamo, a focus on In the future, there is room for significant growth
improving fleet utilization, greater attention to through geographic expansion, further development
customer service and a new marketing and of strong relationships with insurance companies and
advertising campaign are driving significant leveraging our franchised vehicle dealerships as
operation improvements. additional sources of local/replacement rental business.
Republic also entered the local/replacement We plan to expand our local/replacement rental
rental market with the acquisitions of Spirit Rent-A- business by opening new locations across the country
Car and Snappy Car Rental. The company is building and by installing local/replacement rental locations at
a national presence in this market under the banner our franchised dealership locations and at AutoNation
of CarTemps USA. Today, CarTemps USA is a distant USA megastores. This will give Republic additional
Los Angeles, California

17. outlets for this business, increasing our prospects for It’s what a company does with its size that determines
growth in this very attractive market. success. Republic intends to use its market presence
In the international arena, Republic acquired and scale in the vehicle rental market to achieve
U.K.-based EuroDollar Holdings plc, the second efficiencies and levels of customer satisfaction
largest rental vehicle company in the U.K., with 110 not otherwise possible.
branches throughout the U.K. and a substantial
presence in the corporate rental vehicle market.
Republic has subsequently rebranded EuroDollar
operations as National Car Rental, a platform for
building a pan-European rental business.
Being the largest in any market is not enough.

18. 18
Republic Waste: Building Critical fourth largest waste company. But with revenue of more
than $1 billion, we have approximately a three percent
Mass and Sticking to the Basics market share in an industry where only five companies
Republic’s solid waste operations are a perfect generate more than $200 million in annual revenue.
complement to its auto-related businesses, historically Republic’s strategy is to acquire well-managed,
providing strong cash flow and high margins from highly profitable businesses, combine them with
a predictable, non-cyclical business. existing operations to create critical mass in key
Like the vehicle retail business, the waste markets, and allow local managers to run the
business is a fragmented market with inherent businesses. Major acquisitions in 1997 included Silver
inefficiencies that can be made more profitable State Disposal in Las Vegas, Nevada and Taormina
through consolidation and identification of operating Industries in southern California. Republic’s recent
and financial synergies. Republic is now the nation’s waste company acquisitions also include “tuck ins” –
Las Vegas, Nevada

19. smaller waste haulers that add capacity and geographic through these regions, and is providing strong
breadth to our existing markets. In Los Angeles, top-line growth.
for example, we folded six different companies Republic Waste is sticking to the basic business
into one company at one location, resulting in of collecting, hauling and disposal of solid waste,
considerable savings in real estate, administration, steering clear of hazardous waste and environmental
and fleet utilization. clean-up. At the same time, we are focused on adding
Republic has divided its waste business into landfill capacity to further strengthen our operations.
four geographic regions, in an effort to gain further Republic Waste’s goal is very simple: pick
operating efficiencies. This divisional approach has up more garbage in more locations, and do it more
enabled us to reduce truck fleet size and eliminate efficiently than anyone else. We expect that our
landfill equipment, delivering dollars to the bottom “sticking with the basics” strategy will help
line. Our sales force – more than 250 strong – reports achieve this goal.

20. Financial Review and Analysis
Page
Management’s Discussion and Analysis
of Financial Condition and
Results of Operations. . . . . . . . . . . . . . . . . . . . 21
Consolidated Balance Sheets as of
December 31, 1997 and 1996. . . . . . . . . . . . . . 32
Consolidated Statements of Operations
for Each of the Three Years
Ended December 31, 1997 . . . . . . . . . . . . . . . . 33
Consolidated Statements of Shareholders’
Equity for Each of the Three Years
Ended December 31, 1997 . . . . . . . . . . . . . . . . 34
Consolidated Statements of Cash Flows
for Each of the Three Years Ended
December 31, 1997 . . . . . . . . . . . . . . . . . . . . . . 35
Notes to Consolidated
Financial Statements . . . . . . . . . . . . . . . . . . . . 36
Report of Independent
Certified Public Accountants . . . . . . . . . . . . . 55
20

21. If you are interested in a new or used vehicle, visit one of our locations.
Franchised Automotive Dealerships
Alabama Jacksonville, Orange Park Toyota, Mike Shad Tennessee
Ford, Mike Shad Chrysler-Plymouth/
Birmingham, Hoover Toyota Knoxville, West Side Honda
Jeep-Eagle, Sunrise Nissan of Jacksonville
Mobile, Lexus of Mobile, Springhill Toyota, Memphis, Courtesy Honda, Covington Pike
Kissimmee, Courtesy Suzuki
Treadwell Ford, Treadwell Honda Honda, Dobbs Bros. Lexus, Dobbs Bros. Mazda/
Lake Park, Wallace Lincoln-Mercury Buick/Mitsubishi, Dobbs Bros. Pontiac-GMC,
Pell City, Miller – Sutherlin Automotive
Longwood, Courtesy Pontiac-GMC, Courtesy Dobbs Ford
(Chevrolet/ Chrysler-Plymouth/Jeep-
Suzuki, Courtesy’s Magic Isuzu, Courtesy Kia,
Eagle/Pontiac) Texas
Don Mealey Acura
Arizona Margate, Mullinax Ford South Arlington, Bledsoe Dodge
Miami, Anthony Abraham Chevrolet,
Phoenix, Bell Dodge, Lou Grubb Chevrolet Corpus Christi, Padre Ford, Port City Imports
Sunshine Ford, Miami Honda, Central (Honda/Jaguar/Hyundai/Volvo), Port City
Scottsdale, Lou Grubb Ford
Hyundai/Kia, Kendall Toyota, Kendall Kia, Pontiac-GMC
Tempe, Tempe Toyota
Lexus of Kendall, Maroone Dodge Dallas, Bankston Lincoln-Mercury/Saab,
Tucson, Dobbs Honda
Orange Park, Sunrise Nissan of Orange Park Bankston Nissan of Dallas, Bledsoe Dodge –
California North, Bledsoe Dodge
Orlando, Courtesy Suzuki/South, Courtesy Acura,
Don Mealey Chevrolet, Don Mealey Mitsubishi, Frisco, Bankston Ford of Frisco
Anaheim, Anaheim Mazda/Pontiac/Buick
World Chevrolet Ft. Worth, Charlie Hillard Ford, Lexus of
Beverly Hills, Beverly Hills Ford, Infiniti
Panama City, Cook-Whitehead Ford Ft. Worth, Charlie Hillard Buick, Charlie
of Beverly Hills
Hillard Mazda
Pembroke Pines, Maroone Chevrolet,
Buena Park, Lew Webb’s Toyota of Buena Park
Maroone Oldsmobile/Isuzu Houston, Charlie Thomas Ford, Charlie Thomas
Cerritos, Lexus of Cerritos, Toyota of Cerritos,
Chrysler-Plymouth/Jeep-Eagle/Hyundai/Isuzu,
Pinellas Park, Sutherlin Toyota
Buick Mart
Charlie Thomas Acura, Charlie Thomas
Pompano, Maroone Dodge Pompano
Costa Mesa, Costa Mesa Infiniti,
Chevrolet/Mitsubishi, Charlie Thomas’
Costa Mesa Honda Port Richey, Coastal Cadillac
Intercontinental BMW, Charlie Thomas’
Cupertino, Anderson Chevrolet, Sanford, Don Mealey Cadillac/Oldsmobile,
Intercontinental Mercedes-Benz, Barney
Anderson Chrysler-Plymouth Don Mealey’s Seminole Ford, Royal Jeep-Eagle/
Garver Motors (Land Rover/Mazda/
Chrysler-Plymouth
Fremont, Anderson Lexus Volkswagen), Mike Hall Chevrolet, Texan
St. Petersburg, Carlisle Ford
Garden Grove, Lew Webb’s Ford Lincoln-Mercury/Isuzu, Champion Ford
Stuart, Wallace Stuart Lincoln-Mercury,
Irvine, Lew Webb’s Irvine Nissan, Humble, Charlie Thomas Mazda/Hyundai
Wallace Stuart Mitsubishi
Lew Webb’s Irvine Toyota, Irvine Volvo Irving, Bankston Nissan of Irving
Tallahassee, Tallahassee Chrysler-Plymouth,
Los Gatos, Anderson Chevrolet Katy, Texan Ford
Tallahassee Mitsubishi,Tallahassee Motors (Ford)
Manhattan Beach, Manhattan Ford, Lewisville, Bankston Nissan of Lewisville
Tampa, Anthony Abraham Chevrolet,
Manhattan Toyota, Champion Chevrolet
Midland, Jack Sherman Chevrolet, Jack
Lexus of Tampa Bay
Menlo Park, Anderson Chevrolet, Sherman Buick, Jack Sherman Mazda
Anderson Cadillac/Oldsmobile Georgia
Washington
Newport Beach, Newport Auto Center
Douglasville, Sutherlin Imports (Honda)
(Rolls Royce/Porsche/Audi/Chevrolet) Bellevue, BMW of Bellevue
Lithia Springs, Sutherlin Chrysler-
Palo Alto, Anderson Honda/Isuzu Spokane, Appleway Chevrolet, Appleway
Plymouth/Jeep-Eagle, Sutherlin Nissan
Redlands, Redlands Ford Mazda/Subaru/VW/Audi, Lexus of Spokane,
of Lithia Springs
Redondo Beach, Land Rover South Bay Appleway Toyota, Appleway Mitsubishi
Marietta, Chuck Clancy Ford of Marietta,
Santa Monica, Infiniti of Santa Monica Sutherlin Nissan of Marietta
Torrance, South Bay Autohaus (Mercedes- Tucker, Hub Ford AutoNation USA Megastores
Benz), South Bay Volvo, Torrance Nissan
Union City, Gene Evans Ford
Valencia, Magic Ford,Valencia Lincoln-Mercury Arizona
Illinois
Colorado Chandler, Arizona
Libertyville, Libertyville Toyota
Aurora, Emich Lincoln-Mercury, Inc. California
Michigan
Boulder, Marshall Ford/Kia, Marshall
Irvine, California
Lincoln-Mercury/Mazda Taylor, Taylor Jeep-Eagle
Florida
Denver, Chesrown Chevrolet, Chesrown’s
Nevada
SW Dodge, John Elway Ford Clearwater (St. Petersburg)
Henderson, Desert Valley Buick/Pontiac-GMC
Englewood, Emich Buick/Pontiac-GMC/Subaru, Coconut Creek
Emich Chrysler-Plymouth, John Elway Nissan, Las Vegas, Desert Buick GMC, Jacksonville
John Elway Toyota Desert Lincoln-Mercury Pembroke Pines
Perrine
Federal Heights, John Elway Nissan New Jersey Sanford (Orlando)
Golden, Emich Oldsmobile, Emich Subaru
Flemington, Flemington Ford/Lincoln-Mercury, Tampa
West, Emich Chrysler-Plymouth/Jeep-Eagle/
Flemington Nissan, Flemington Porsche/Audi/
Lamborghini Georgia
VW/BMW, Flemington Circle Buick/GMC/
Lakewood, Emich Mitsubishi
Alpharetta (N. Atlanta)
Chevy/Isuzu, Flemington Infiniti, Flemington
Littleton, Emich Dodge Morrow (S. Atlanta)
Pontiac/Subaru, Flemington Mitsubishi,
Westminster, John Elway Mazda/ Stone Mountain
Flemington Chrysler-Plymouth/ Dodge/
Oldsmobile/Hyundai, John Elway Honda Jeep-Eagle/Mazda Indiana
Wheatridge, Chesrown’s Friendly Ford Lebanon, Hunterdon BMW
Fishers (Indianapolis)
Princeton, Princeton Nassau Ford/Lincoln-
Florida
Michigan
Mercury/Audi, Land Rover Princeton
Belle Glade, Steve Moore Chevrolet/
Canton
Cadillac/Buick/Oldsmobile/Pontiac New York
Sterling Heights (Detroit)
Bradenton, Bill Graham Ford Williamsville, Al Maroone Ford
Brooksville, Jim Quinlan Ford/Lincoln-Mercury Nevada
North Carolina
Casselbury, Courtesy Buick Henderson (Las Vegas)
Charlotte, Superior Nissan
Clearwater, Carlisle Lincoln-Mercury, Lexus of
Ohio
Clearwater, Jim Quinlan Chevrolet, Jim Quinlan
Ohio
Nissan, Carlisle Dodge, Lokey Honda/Isuzu Beavercreek (Dayton)
Amherst, Ed Mullinax Ford Forest Park (Cincinnati)
Coconut Creek, Maroone Chrysler-Plymouth/
Brunswick, Mullinax Lincoln-Mercury
Jeep-Eagle Texas
Mayfield, Mullinax Lincoln-Mercury of
Delray Beach, Steve Moore Chevrolet Delray,
Dallas
Mayfield, Mullinax Jeep-Eagle of Mayfield
Wallace Ford, Wallace Nissan, Wallace Dodge
Grand Prairie
North Canton, Mullinax Ford North Canton
Ft. Lauderdale, Maroone Chevrolet, Houston, South
Westlake, John Lance Ford
Maroone Ford, Star Motors (Mercedes-Benz) Houston, North
Wickliffe, Mullinax Ford East
Greenacres, Steve Moore Chevrolet Irving
Hollywood, Maroone Nissan, Hollywood Lewisville
South Carolina
Honda, Hollywood Kia San Antonio
Charleston, West Ashley Toyota, Northside Nissan Stafford
57
List includes transactions that are closed and/or under contract.

22. Republic Waste Georgia Fort Wayne, National Serv-All, Inc., United
Refuse
Alpharetta, United Waste Service, Inc.
Greenfield, Fisk Sanitation Service, Inc.
Division Companies Brunswick, Southland Waste Systems of Georgia, Inc.
Mt. Vernon, Springfield Environmental, Inc.
Clarksville, United Waste Service, Inc.
Terre Haute, Jamax Corporation,Terre Haute
College Park, GDS, Inc.
Arizona Recycling, Inc.,Victory Environmental Services, Inc.
Griffin, Pine Ridge Recycling
Page, PSI Waste Systems Wabash, Wabash Valley Landfill Company, LTD
Jesup, Broadhurst Environmental, Inc.
Yuma, Suburban Sanitation Svcs
Kentucky
Kathleen, Sullivan Environmental Services, Inc.
California Lawrenceville, United Rubber Recycling Ashland, Green Valley Environmental
Anaheim, Taormina Industries, Inc. Mableton, United Waste Service, Inc. Barlow, Bluegrass Recycling & Transfer Company
Anderson, Anderson Solid Waste, Inc. Macon, Mid-State Environmental, Inc., Riggins Beaver Dam, Ohio County Balefill, Inc.
Mill Road Transfer Station, Southland Waste of
Imperial, Suburban Sanitation Svcs Bowling Green, Monarch Environmental, Inc.
Georgia, Inc., Swift Creek Environmental, Inc.
Long Beach, Consolidated Waste Svcs Burlington, CSI of Northern Kentucky
McRae, Sullivan Environmental Services, Inc.
Ventura, Rubbish Control, Inc. Harrodsburg, Mercer County Transfer Station
Milledgeville, Sinclair Disposal Services, Inc. Hopkinsville, City of Hopkinsville T.S.
Florida Richmond Hill, Sullivan Environmental Services, Inc. Lexington, Blue Grass Waste Alliance
Deland, CWI of FLA, Inc. Swainsboro, Sullivan Environmental Services, Inc. Mayfield, Commercial Waste Disposal
Ft. Lauderdale, All Service Refuse Company, Inc., Vidalia, Sullivan Environmental Services, Inc. Morganfield, Dozit Company, Inc.
Envirocycle, Inc., Southland Information Destruction Waycross, Southland Waste Systems of Ware Co., Inc. Nicholasville, M & M Sanitation
Green Cove Springs, Southland Waste Systems Winder, Oak Grove Landfill, United Waste Owensboro, Daviess County Solid Waste,
of Clay Service, Inc. CSI of Western Kentucky
Hudson, Seaside Sanitation
Idaho Paducah, CWI of Kentucky-Paducah Transfer Station
Jacksonville, Southland Environmental Services, Inc.
Princeton, Collection Services, Inc.
Ketchum, Wood River Rubbish Company, Inc.
Lakeland, Florida Refuse Service, Inc.
Russell Springs, Russell County Transfer Station
Twin Falls, PSI Waste Systems
Niceville, Gulf Coast Waste Service, Inc.
Stanford, Tri-K Landfill, Inc.
Orlando, CWI of FLA, Inc., Southland Illinois Williamstown, Epperson Waste Disposal, Inc.
Information Destruction
Desoto, Southern Illinois Regional Landfill
Sebring, Reliable Sanitation, Inc. Maine
Marion, Marion Transfer Station
St. Augustine, Nine Mile Road, Inc., Old Orchard Beach, Astro Waste Services
Mt. Vernon, Mt.Vernon Transfer Station
Seaboard Waste Systems, Inc.
Sparta, Sparta Transfer Station Michigan
St. Petersburg, Pinellas Environmental, Inc.
Tampa, East Bay Sanitation Service, Inc. Indiana Birch Run, Tay Ban Corporation,Tri-County
Refuse Service
Vero Beach, Treasure Coast Refuse Corp. Anderson, Anderson Refuse Company, Inc.
Hopkins, Compactor Rental Systems
W. Palm Beach, Sunburst Sanitation Corp. Chesterton, Able Disposal
South Haven, Reliable Disposal, Inc.
Winter Garden, CWI of FLA, Inc.
Anaheim, California
58

23. Stevensville, Reliable Disposal, Inc. Conover, GDS, Inc. Texas
Three Oaks, Forest Lawn Landfill Greensboro, Upper Piedmont Environmental, Inc. Abiline, Charter Waste
Hendersonville, GDS, Inc. Alpine, Wes Tex Waste Services, Inc.
Mississippi
Hickory, GDS, Inc. Arlington, Arlington Disposal Co. Inc., Grand
Corinth, ASCO Sanitation Mill Spring, Burgess Refuse Removal Services, Inc. Prairie Disposal Co., JC Duncan Company, Inc.,
Missouri Morganton, GDS, Inc. Pantego Service Co., Inc.
Mt. Gilead, Moore County Transfer, Uwharrie Avalon, CSC Disposal and Landfill, Inc.
Jackson, CWI of Missouri, Inc
Environmental, Inc., Richmond County Transfer Big Wells, RCLJ Construction, Inc.
Kansas City, Environmental Specialists, Inc.
Salisbury, National Tire Recyclers Campbell, Republic/ Malloy Landfill
Potosi, CWI of Missouri, Inc, Gilliam Transfer, Inc.
Shelby, Cleveland Container Service, Inc. & Sanitation, Inc.
Ste. Genevieve, Continental Waste Industries
Spindale, GDS, Inc., Waste Handling Systems, Inc. Conroe, Living Earth Technology Co.
of Missouri, Inc
Washington, Smithton Sanitation Dallas, Living Earth Technology Co.
Nevada West Jefferson, Collection Service Co., Inc. Duncanville, Tos-It Service, Inc.
Las Vegas, Silver State Disposal Services, Inc. Houston, Laughlin Environmental, Inc.,
Pennsylvania
Living Earth Technology Co.
New Hampshire West Chester, Area Container Services, Inc. Linn, C & T Landfill
Brentwood, Astro Waste Services York, York Waste Disposal, Inc. Midland, Wes Tex Waste Services, Inc.
Laconia, Astro Waste Services
South Carolina Missouri City, Living Earth Technology Co.
New Jersey Odessa, Charter Landfill
Batesburg, United Rubber Recycling
Pineland, Elliot's Agri-Service, Inc.
New Brunswick, Mid-Co Burton, ECO Services of South Carolina, Inc.
Plano, Living Earth Technology Co.
South Plainfield, Statewide Environmental Greenville, Fennell Waste Systems, Inc.
Richmond, Houston Organics, Living Earth
Services, Inc Hilton Head, Hilton Head Disposal, Inc.
Technology Co.
Whitehouse Station, Raritan Valley N. Charleston, Fennell Container Company, Inc.
San Angelo, TrashAway Services Co.
Disposal/Recycling Summerville, Suburban Disposal Service, Inc.
Stamford, Triple C Disposal Service, Inc.
New York Tennessee
Virginia
Albany, Capital Waste & Recycling Clarksville, Dependable Disposal
Chesapeake, Area Container Services, Inc.
Rochester, Upstate Disposal Services Covington, Covington Waste
Fairfax, AAA Disposal Services, Inc./Rainbow
North Carolina McKenzie, McKenzie Transfer Station
Industries, Inc.
Memphis, Safety Lights, Inc.
Angier, Peede Sanitation
Costa Rica
Nashville, AAA Disposal Services, Inc.
Asheville, GDS, Inc.
Paris, Paris Transfer Station Los Mangos, WPP/Continental De Costa
Aulander, East Carolina Environmental, Inc.
Union City, Barker Brothers Waste, Inc.,
Boone, GDS, Inc.
Northwest Tenn Disposal
Charlotte, GDS, Inc.
59

24. J.P. Bryan George D. Johnson, Jr.
Board of Directors
Chairman of the Board President & Chief Executive Officer
H. Wayne Huizenga Torch Energy Advisors, Inc. Extended Stay America, Inc.
Chairman of the Board (a company that manages energy- (an economy extended-stay
& Co-Chief Executive Officer related institutional holdings) lodging chain)
Steven R. Berrard Rick L. Burdick John J. Melk
President Partner - Akin, Gump, Strauss, Chairman of the Board,
& Co-Chief Executive Officer Hauer & Feld, L.L.P. (a law firm) President & Chief Executive Officer
H2O Plus, Inc.
Harris W. Hudson Michael G. DeGroote (a bath and skin product
Vice Chairman of the Board Chairman & Chief Executive Officer
manufacturer and distributor)
& Chairman Republic Solid Waste Division Century Business Services, Inc.
(a provider of professional business
Robert J. Brown
services and products)
President & Chief Executive Officer
B&C Associates, Inc.
(a management consulting
and public relations firm)
60 Directors, from left to right: John J. Melk, Rick L. Burdick, Robert J. Brown