Huizenga didn't get paid a dime last year. Instead, the billionaire received stock options worth $7.73 million.

Republic's Steven Berrard, president and co-chief executive officer, received stock options valued at $8.79 million as well as a nominal annual salary of $5,000. The auto retailer and provider of waste collection services disclosed its 1996 executive compensation in its preliminary proxy statement.

The emphasis on stock rather than cash reflects Fort Lauderdale, Florida-based Republic's belief that linking officers' pay to stock will provide an incentive for long-term performance.

That strategy has paid off so far. Huizenga, who also received no cash last year, had about $65.3 million of stock options as of December 31 that he hasn't exercised.

The stock options are valued at Thursday's closing share price of 32 3/4, minus the exercise price.

In April 1996, Huizenga was granted options to purchase 465,117 shares at $16.125 a share, the market price at the time.

When Republic, whose single largest shareholder is Bermuda resident Michael DeGroote, agreed to acquire the AutoNation chain of used-car superstores in May 1996, it agreed to pay AutoNation's chief executive, Berrard, 428,572 shares at $17.50, the market price at the time. In October, when Republic promoted Berrard to president and co-chief executive, it paid him with options to buy 500,000 shares at $28.25 a share, the market price then.

Republic yesterday agreed to buy three Arizona auto dealerships for $48 million in stock to further expand Chairman Wayne Huizenga's chain of car dealers.

Tempe Toyota, the AutoMart Superstore and Tempe Toy's Budget Lot, all owned by Mitch Pierce, generated about $143 million in revenue in 1996. They add to the 17 auto dealer groups with $4.5 billion in revenue that Republic has agreed to acquire since December.