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Cross-Continent Completes Acquisition of Sahara Nissan, Inc. in Las Vegas

3 July 1997

Cross-Continent Completes Acquisition of Sahara Nissan, Inc. in Las Vegas

    AMARILLO, Texas, July 2 /PRNewswsire/ -- Cross-Continent Auto Retailers,
Inc. today announced that it has completed the previously announced
acquisition of Sahara Nissan, Inc., a franchised Nissan automobile dealership
in Las Vegas, Nevada, which operates under the trade name Jack Biegger Nissan.
    The purchase approximated $12.5 million and consisted of $9.0 million in
cash which was provided under the company's revolving line of credit,
$2.0 million in Cross-Continent common stock, $1.0 million in notes payable to
the sellers and $500,000 reduction of existing debt.  The transaction will be
accounted for as a purchase.
    In 1996, Biegger Nissan sold 1,922 new vehicles, 1,435 used retail
vehicles and produced $63.7 million in total revenue.
    Bill Gilliland, chairman and chief executive officer of Cross-Continent,
said "the addition of the Jack Biegger Nissan dealership complements our
strategy of acquiring high-quality, profitable dealerships in selected
markets and enhances our market share in one of the fastest-growing
markets in the United States."
    The dealership is located near the company's recently acquired Toyota
West dealership in Las Vegas, and is located adjacent to Chaisson Motors,
which the company has under contract to acquire.  Upon the completion of the
Biegger and Chaisson acquisitions, the company will operate five dealerships
representing Toyota, Nissan, BMW, Jaguar, Land Rover, VW-Audi and others as
well as retailing used cars.
    Jack Biegger, president of Sahara Nissan, will retire following a
20-year career as dealer-operator of the dealership.  Jack Biegger Nissan
is the oldest continually operated Nissan dealership in the state of
Nevada.
    "Jack has built an outstanding organization.  The quality of dealership
is reflected in the character of the dealership managers and employees and the
high level of attention devoted to quality customer service," Gilliland said.
    Cross-Continent Auto Retailers, Inc. owns and operates a group of
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.
    Cross-Continent Auto Retailers, Inc. believes its shareholders benefit
from the views of management about the future of the company's business.
Included herein are forward-looking statements, including statements with
respect to anticipated revenue growth, acquisitions and profitability.  These
statements involve risks and uncertainties that could cause actual results to
differ materially, including without limitation economic conditions, risks
associated with acquisitions and the risk factors set forth from time to time
in the company's filings with the Securities and Exchange Commission.

SOURCE  Cross-Continent Auto Retailers, Inc.