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Cross-Continent Appoints Spedding and Holman as Corporate Officers

29 August 1997

Cross-Continent Appoints Spedding and Holman as Corporate Officers

    AMARILLO, Texas, Aug. 29 -- Cross-Continent Auto Retailers,
Inc. , the nation's first publicly-traded franchised automobile
dealership group, today announced the appointment of R. Douglas Spedding and
Jim Holman as corporate officers.
    Spedding, age 62, will serve as Vice President-Regional Manager, and will
be responsible for the operation of the company's existing dealerships in
Nevada, Colorado, and Oklahoma; as well as, providing strategic direction
regarding the acquisition, integration and operation of additional
dealerships.  Spedding joined the company in April 1997 after selling two
Toyota dealerships, one located in Denver, Colorado and one located in Las
Vegas, Nevada, to Cross-Continent.  He has over 46 years industry experience,
including 28 years as owner and operator of franchised dealerships.
    Holman, age 46, will serve as Vice President-City Manager, and will be
responsible for the operation of the company's dealerships in the Amarillo
market.  Holman joined the company in 1991 and has been the General Manager at
two of the company's dealerships in Amarillo.  He has over 30 years total
industry experience, including 15 years as General Manager.
    Bill Gilliland, Chairman and Chief Executive Officer of Cross-Continent,
said, "We continue to broaden and strengthen our management team.  The
addition of Doug Spedding and Jim Holman as corporate officers is reflective
of the caliber and depth of our management team."
    Gilliland continued, "Doug Spedding owned and operated a group of
automobile dealerships consisting of 14 franchises with operations in eight
states and we feel his experience complements our strategy of acquiring and
operating high-quality, profitable dealerships in selected markets.  Jim
Holman has been with the company for over five years, and adds to the strength
of our management structures."
    The appointments are effective immediately.
    Cross-Continent Auto Retailers, Inc. owns and operates a group of
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.

SOURCE  Cross-Continent Auto Retailers, Inc.