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Cross-Continent Stockholders Approve Merger With Republic Industries

5 January 1999

Cross-Continent Stockholders Approve Merger With Republic Industries

    AMARILLO, Texas, Jan. 5 -- Cross-Continent Auto Retailers,
Inc. , announced today that at a special meeting of stockholders
held today, its stockholders approved the proposed merger with Republic
Industries, Inc. .
    Upon consummation of the proposed merger, the Company will become a wholly
owned subsidiary of Republic, and the Company's stockholders will be entitled
to receive $10.70 per share in cash.  In addition to other conditions
precedent, the transaction is subject to manufacturer approval.  The
transaction is expected to close in the first quarter of 1999; however, there
can be no assurances that the necessary approvals will be received or the
merger will be completed.
    Holders of approximately 90 percent of the outstanding stock of the
Company were represented at the meeting and 89 percent of the outstanding
stock was voted in favor of the merger.
    Commenting on the shareholder vote, Bill Gilliland, Chairman and Chief
Executive Officer of Cross-Continent, said, "We are pleased with action taken
by our shareholders today.  Our objective has always been to build an
increasingly strong portfolio of dealerships that would achieve brand,
geographic and economic diversity.  By joining with Republic, the leading
automotive retailer in America, we are able to achieve that objective while at
the same time aligning ourselves with a company whose values and strategies we
respect."
    Cross-Continent Auto Retailers, Inc. owns and operates a group of
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.
    This press release contains forward-looking statements.  The actual future
performance of the Company could differ materially from such statements.
Factors that could cause or contribute to such differences include, but are
not limited to, (i) the failure to obtain one or more of the consents of the
manufactures required to approve the merger, (ii) the failure of the Company,
Republic or some other party to satisfy one or more of the conditions
precedent to the Company's merger with Republic Industries, Inc.'s subsidiary,
(iii) economic conditions, (iv) risks associated with mergers, acquisitions
and divestitures in general, and (v) the risks set forth from time to time in
the Company's filings with the Securities and Exchange Commission.  You are
cautioned not to place reliance on these forward-looking statements, which
speak only as of the date of this press release.  Except as required by law,
the Company is not obligated to publicly release any revisions to these
forward-looking statements to reflect events or circumstances after the date
of this press release or to reflect the occurrence of unanticipated events.