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A college dropout who never sold a car in his life is literally reinventing the way Americans buy and sell cars and trucks.

In less than three months, H. Wayne Huizenga, self-made billionaire (Waste Management Inc., BlockbusterVideo, Florida Marlins, Florida Panthers and Miami Dolphins) and master dealmaker, has not only established his AutoNation USA chain as the new benchmark in used-car retailing, but also has acquired more than 90 new-car franchises with total 1996 revenues of $4.3 billion. And through his Republic Industries Inc., the craggy-faced, gravelly-voiced entrepreneur is buying out new mega-dealers on an almost daily basis.

To understand how he has come this far so fast, one must look at how Mr. Huizenga, who operates from Republic's headquarters in Fort Lauderdale, FL, built his earlier empires.

He's a creature of habit. He sticks to service businesses that rely on recurring revenues that come from renting things. He seeks rapid growth -- financing acquisitions with Republic stock -- and high profits. He looks for fragmented markets ripe for consolidation.

No wonder this 59-year-old son of a working-class Dutch family in Chicago has taken a shine to auto retailing.

It's a consumer business increasingly dependent on leasing. Margins are razor thin, but profit opportunities are many if you control the vehicle from the factory to the scrap yard. There is no dominant player. No dealer controls even 1% of the market.

That may soon change.

Republic Industries is already the nation's top new-car dealer in total revenues. Moving with lightning speed, Mr. Huizenga will close dozens of more deals this year.

It's not just new cars he wants. Republic's AutoNation superstores sell late-model used cars. Older, higher mileage used cars will go through his Valu Stop network. He will provide loans through his own captive finance arm. He will service vehicles and sell accessories.

On top of this, Mr. Huizenga is molding his auto retailing enterprise with his vast rental car operations, Alamo Rent-A-Car and National Rental Car Systems, acquired last year for $1.2 billion.

These are pieces of a corporate jigsaw puzzle that can be dubbed Wayne's World: a cradle-to-grave auto services operation that will provide all the lifelong transportation needs of consumers in a no-haggle environment.

"We see tremendous growth opportunities in the auto industry," says Mr. Huizenga, chairman and co-chief executive officer of Republic. "It's a trillion-dollar-a-year industry that touches every family in the country."

He wants nothing less than to revolutionize and dominate car selling into the next century the way Wal-Mart changed and took command of discount merchandising in the 1980s.

The most important element in this strategy is maximizing the recurring revenue stream from each vehicle Republic buys. In short, Republic will acquire a vehicle then lease or sell it three or four times over its life. With each transaction the business will earn more through financing, service and accessories.

"We like recurring revenues," says Mr. Huizenga. "When you have recurring revenues, you have predictability of earnings. When you have predictability, that brings you credibility on Wall Street."

Adds Steven R. Berrard, Republic's co-CEO and Mr. Huizenga's alter ego: "We just try to hold on to the asset as long as we can."

Republic's emergence has sent shock waves throughout the close-knit auto industry. Skeptics question whether Mr. Huizenga can achieve the savings needed to make a profit in a slump. But there appear to be few doubters on Wall Street, where Republic stock has soared from $2 in 1995 to more than $35 in mid-March. That stock performance is the financial fuel propelling Republic's meteoric growth.

Republic has been paying up to 10 times after-tax earnings for many of these new car dealerships, using its own stock, which has been trading at an almost unfathomable 51 times the very modest 69-cents-a-share analysts expect Republic will earn this year.

"At some point it could blow up," says Maryann Keller, analyst with Furman Selz Inc. in New York.

Success is far from certain, but Mr. Huizenga is likely to force a significant realignment of the nation's 22,700 new-car and 61,000 used-car dealers. Ultimately, there could be a shift of power from the manufacturers to the so-called big-box retailers.

Some dealers are licking their chops, hoping to sell their businesses at top dollar to Republic. Many are copying his operating plans in order to stay competitive. But others are terrified that they may be bowled over by larger, publicly funded operations, particularly if the superstores can win price breaks from manufacturers or corner supplies of hot-selling models.

Auto manufacturers appear to be of two minds. They see Mr. Huizenga as a catalyst for their long-sought consolidation of the dealer ranks and welcome his dedication to more customer-friendly sales techniques. Longer term, however, they worry about losing control over the distribution systems and their brands.

Consumers are likely to benefit from Republic's efforts to bring efficiency to the car-selling business, making it quicker and less stressful. But it remains to be seen whether the superstores will bring lower prices and better service.

"There is a lot of uncertainty, " says Donald Keithley, a retail expert for J.D. Power and Associates. "What is certain is the auto retailing revolution is upon us."

Without question there are tremendous risks inherent in Mr. Huizenga's gamble. Republic is relying on rapid expansion that could be disrupted by an economic down-turn, intense competition and access to capital. He is dependent on the cooperation of manufacturers and must establish a national brand image, something no dealer has ever pulled off.

In addition, Republic is betting on consumer acceptance of the megastore concept in auto retailing. It is relying on one-price selling, a practice that now accounts for only 8% of auto sales. In fact, many consumers use prices set by no-haggle dealers as a starting point for negotiations with other dealers.

Then there is the question of Mr. Huizenga's ability to obtain enough vehicles to feed his vast empire. This was one reason he jumped into the new-car and rental-car businesses. "Getting the cars is not the problem," Mr. Huizenga says. "The real problem is, can we sell enough?"

Indeed, his plans call for each AutoNation superstore to have a selection of 1,000 vehicles and generate annual revenues of $100 million each. This requires that inventory be turned over eight times a year, certainly a tough task if the economy tanks.

Finally, Republic will have to wring significant savings out of operations to support its vast overhead. It hopes to lower costs through volume purchases of advertising, consolidating financial and administrative functions and reconditioning its own ears.

"I just don't see the economies of scale in running a dealership in Miami, one in Chicago and one in Los Angeles, " says Yale Gieszl, executive vice president of Toyota Motor Sales.

Using Wall Street money, management skills of long-time associates and expertise of auto experts like Toyota distributor Jim Moran, Mr. Huizenga plans to have 80-to 90 AutoNation superstores and 200 to 250 new car dealerships in the nation's top 50 markets within four or five years.

He also is driven to get a sizable share of the huge but fractionalized auto distribution business, a sector so inefficient that it accounts for up to 30% of a vehicle's cost. Yet, the process antagonizes consumers who dislike pushy salesmen, the lengthy and complex negotiations that often leave them feeling like they've been had.

Along with other publicly owned consolidators like CarMax and United Auto Group, Mr. Huizenga is out to change all of that. In Wayne's World, buying a car ought to be as easy as buying a refrigerator.

The linchpin of the Huizenga empire are the AutoNation superstores. The first one opened last October in Coconut Creek, FL. The showroom is bright and airy. Customers can browse the inventory by price or model via computer. Every car sold comes with a 99-day bumper-to-bumper warranty, seven-day money-back guarantee and 24-hour roadside assistance for a year.

Republic also is developing the Valu Stop to sell older, higher-mileage used cars. In each market it enters, the company is setting up reconditioning centers capable of processing 50,000 cars a year.

To assure an uninterrupted supply of used cars, Republic moved into the new-car and rental-car arenas. In choosing acquisitions Mr. Huizenga looks for dealers with good reputations, profitable track records, a commitment to one-price selling and a management willing to stay on.