Cross-Continent Plans Denver Toyota Grand Opening

25 August 1998
Cross-Continent Plans Denver Toyota Grand Opening
    DENVER, Aug. 25 -- Cross-Continent Auto Retailers, Inc.
, the nation's first publicly traded franchise auto dealer group,
today announced plans for the grand opening celebration of its Denver Toyota
dealership on August 26, 1998.
    The dealership is located at 7300 N. Broadway in Denver, Colorado, at the
junction of I-25 and the Boulder Turnpike.  Denver Toyota features covered
parking for over 500 vehicles and a state-of-the-art facility for sales,
service, parts and customer convenience.  The grand opening activities are
scheduled to begin at 11:30 a.m. at the dealership.
    Bill Gilliland, Cross-Continent's chairman and chief executive officer,
Bobby Hall, Cross-Continent's senior vice chairman, R. Douglas Spedding,
Cross-Continent's vice president, and Ben Quattrone, Denver Toyota's general
manager, will host a number of prominent officials and business executives.
    Yoshio Ishizaha, president of Toyota Motor Sales, U.S.A., Inc., will host
the ribbon cutting celebration.
    "We are thrilled about the grand opening of this dealership.  Denver has
never had a car dealership with the capacity and the convenience of Denver
Toyota.  Not only will customers be able to choose from one of the largest
selection of new Toyotas and used vehicles in the state, but they'll be able
to do so in indoor comfort every day of the year.  The new dealership also
features a significantly larger parts and service operation and amenities such
as a customer lounge with workstations (including phones and modems) and a
children's play area," said Gilliland.
    Cross-Continent, an Amarillo, Texas-based company, acquired the dealership
in April 1997 along with Toyota West Sales and Service, Inc., in Las Vegas,
Nevada.
    The company has constructed new facilities for its Toyota dealerships
located in Denver, Colorado and Las Vegas, Nevada.  The larger facilities are
located on major thoroughfares which provide for improved traffic flow,
enhanced vehicle merchandising and increased capacity for the parts and
service operations at the dealerships.  The company continues to lease the two
former locations, utilizing the Denver, Colorado facility as a retail location
specializing in used vehicles and the company is renovating the Las Vegas,
Nevada facility for its Volkswagen/Audi franchise.
    Denver Toyota is expected to employ approximately 200 people on a full
time basis.  This will be the largest car dealership in the City of Denver,
providing a new source for jobs and tax revenue.
    Cross-Continent is an acquisition driven, growth-minded company.  The
company seeks to diversify and strengthen its portfolio of dealerships and
currently has two acquisitions pending.  The company has entered into
agreements to acquire a Honda dealership in Las Vegas, Nevada, and a Toyota
dealership in San Diego, California.  The transactions are subject to
manufacturer's approval and other routine conditions.
    "Cross-Continent's three-to-five-year-growth goal is to have forty
dealerships, located in 5-7 markets and to have $2.5 billion in annual
revenue.  We expect a $3.0 million pre-tax profit average contribution per
dealership due to our high-margin operating model.  We are on track with this
focused strategy," Gilliland said.
    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.
    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.