Marmaduke Re-Elected to Cross-Continent Board
13 May 1998
Marmaduke Re-Elected to Cross-Continent BoardAMARILLO, Texas, May 13 -- Cross-Continent Auto Retailers, Inc. , the nation's first publicly-traded franchised automobile dealership group, announced today that an incumbent director, John H. Marmaduke, was elected to its Board of Directors during the company's annual shareholders' meeting held on May 12, 1998, in Amarillo, Texas. Marmaduke, age 50, has been a director of the company since November 1996 and serves on the company's Audit Committee and Compensation Committee. Since 1976, Mr. Marmaduke has served as President and Chief Executive Officer of Hastings Entertainment, Inc., which owns a chain of 117 stores selling books, music, and videos with operations in 16 states. Marmaduke was elected for a three-year term and will stand for election at Cross-Continent's annual meeting of shareholders in 2001. Approximately 91 percent of the company's stockholders were represented through proxies or by attendance at the meeting. Including pending acquisitions, Cross-Continent Auto Retailers, Inc. owns and operates a group 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. SOURCE Cross-Continent Auto Retailers, Inc.