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Cross-Continent Announces Termination of Chaisson Acquisition

11 August 1997

Cross-Continent Announces Termination of Chaisson Acquisition

    AMARILLO, Texas, Aug. 11 -- Cross-Continent Auto Retailers,
Inc. today announced that the company and Chaisson have agreed to
terminate the previously announced asset purchase agreement to acquire
Chaisson Motor Cars, a multiple franchise dealership group operating in Las
Vegas, Nevada and Henderson, Nevada.
   The agreement provided for the purchase to occur on or before August 4,
1997, and Cross-Continent and Chaisson were unable to reach an agreement to
extend the asset purchase agreement.  Aggregate consideration for the
acquisition, as announced on April 17, 1997, and subsequently amended, was
approximately $25.0 million.
    Bill Gilliland, chairman and chief executive officer of Cross-Continent
said, "We expect to pursue other acquisitions in the Las Vegas market,
continue to expand our presence in existing markets, and enter new markets via
acquisitions."
    Gilliland continued, "We remain focused on our strategy of acquiring and
operating automobile dealerships that meet our shareholder value based
criteria."
    Cross-Continent Auto Retailers, Inc. owns and operates a group a
franchised automobile retail dealerships in Texas, Oklahoma, Nevada and
Colorado.  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 acquisitions.  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.