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Cross-Continent Auto Retailers, Inc. Names New Chief Financial Officer

9 April 1998

Cross-Continent Auto Retailers, Inc. Names New Chief Financial Officer

    AMARILLO, Texas, April 9 -- Cross-Continent Auto Retailers,
Inc. , the nation's first publicly-traded franchised automobile
dealership group, announced today the resignation of James F. Purser and the
appointment of  John W. Gaines as Chief Financial Officer of the Company.  The
appointment was effective April 1, 1998.
    Mr. Gaines, age 37, has been Vice President-Finance since June 1996, a
director since November 1996, and  treasurer of the Company and each of its
subsidiaries since May 1997.  From February 1992 to June 1996, he was employed
by the Company's predecessor, Gilliland Group Family Partnership, as the
coordinator of projects and systems for its dealerships.  He was vice
president and controller for Amarillo National Bank in Amarillo, Texas, from
1983 to 1992.  Mr. Gaines earned a B.A. in economics and business
administration  from Westminster College in 1982.
    Mr. Purser resigned effective March 31, 1998, as CFO and a director of the
Company and each of its subsidiaries.  Mr. Purser and the Company entered into
a settlement agreement and release under which he received a cash payment
equal to the amount remaining on his employment contract, plus an amount in
lieu of a portion of his stock options at par value.  Although Mr. Purser will
pursue other interests, he has entered into a two-year consulting agreement
with the Company.
    Bill Gilliland, Chairman and Chief Executive Officer of the Company, said,
"During the first quarter, we underwent some internal restructuring, which we
expect will reduce corporate expenses in excess of $750,000 annually.
Accounting, personnel, inventory, advertising, and operating procedures have
been standardized in all dealerships.  Our organization is now positioned for
an excellent year."
    Including pending acquisitions, Cross-Continent Auto Retailers, Inc. owns
or operates a group of 13 franchised automobile retail dealerships in Texas,
Oklahoma, Nevada, Colorado, and California.  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. There
are many factors which affect management's views about future events and
trends of the company's business.  These factors involve risk and
uncertainties that could cause actual results or trends to differ materially
from management's view, 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.