PRESS RELEASE
Cross-Continent Aims to be One of Top Five Auto Franchises in 1997
10 February 1997
Cross-Continent to be Nation's 15th Largest Auto Franchise by Volume Sets Sights on Top Ten Ranking, Top Five in Profitability by Year End 1997
AMARILLO, Texas, Feb. 7 -- Cross-Continent Auto Retailers,
Inc. estimates that it will be ranked among the nation's top
15 franchise automobile dealership groups, based on volume, after completing
the previously announced acquisitions of Douglas Toyota, Inc. in Denver, Colo.
and Toyota West Sales & Service, Inc. in Las Vegas, Nev. The company's goal
is to be ranked in the top 10 by volume and the top five by profitability by
the end of the year.
Bill Gilliland, chairman and CEO of Cross-Continent, is scheduled to speak
to an entrepreneur class at West Texas A&M University in Canyon, Texas, on
Monday, February 10, 1997. Mr. Gilliland's speech will include the following
announcements:
"Pending the March closing of our Denver and Las Vegas acquisitions, our
company will be ranked in the top 15 franchise automobile dealership
groups, based on retail volume. Prior to the company's initial public
offering on September 23, 1996, we were ranked 71st.
"We continue to focus on acquiring well-located, highly profitable
operations with great management in place. By 1997 year end, we plan to
be ranked in the top 10 dealership groups, based on retail volume. More
importantly, we should be in the top five in profitability, which is
really what drives the train."
Including the pending acquisitions in Denver and Las Vegas, the company
will own and operate nine franchised automobile dealerships in Texas,
Oklahoma, Colorado and Nevada. Through these dealerships, the company sells
new and used cars and light trucks, arranges related financing and insurance,
sells replacement parts and provides vehicle maintenance and repair services.
Cross-Continent Auto Retailers, Inc. is listed on the New York Stock
Exchange under the symbol XC.
SOURCE Cross-Continent Auto Retailers, Inc.
CONTACT: John Gaines, Vice President-Finance, of Cross-Continent, 806-374-8653,
or Bill Schmidle or Jack Queeney of The Financial Relations Board, 312-266-7800