SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, DC 20549


                                    FORM 8-K


                                 CURRENT REPORT


                         PURSUANT TO SECTION 13 OR 15(d)
                     OF THE SECURITIES EXCHANGE ACT OF 1934


       Date of Report (Date of earliest event reported): February 27, 1998



                           SMITHWAY MOTOR XPRESS CORP.
             (Exact name of registrant as specified in its charter)




            NEVADA                      000-20793                42-1433844
(State or other jurisdiction of  (Commission File Number)  (IRS Employer ID No.)
         incorporation)


                                2031 Quail Avenue
                             Fort Dodge, Iowa 50501
                                 (515) 576-7418

               (Address, including zip code, and telephone number,
         including area code of registrant's principal executive office)






                                        1

<PAGE>

ITEM 2.  Acquisition or Disposition of Assets

        Smithway  Motor Xpress  Corp.,  a Nevada  corporation  ("SMXC"),  is the
reporting  company under this Form 8-K. On February 27, 1998,  SMXC formed a new
wholly-owned  subsidiary in connection  with the purchase of certain  assets and
assumption of certain  liabilities and the freight operations of East West Motor
Express,  Inc. ("Old East West") of Black Hawk, South Dakota.  Contemporaneously
with the incorporation, Old East West filed Articles of Amendment with the South
Dakota  Secretary  of State  changing  its name to East West  Leasing,  Inc. and
allowing the newly-formed  entity to assume its name ("New East West"). SMXC and
its  subsidiaries  provide  nationwide  transportation  of diversified  freight,
concentrating primarily on the flatbed segment of the truckload market.

     Effective  February 27, 1998, New East West  consummated the acquisition of
specified  assets  owned  and  leased  by Old East  West  pursuant  to the Asset
Purchase  Agreement (the  "Agreement").  Old East West's  headquarters  and only
terminal is in Black Hawk, from which it provides  regional  flatbed and dry van
service.  Old East West  generated  over  $31.0  million in revenue in 1997 with
pre-tax net earnings of $1.2 million in 1997.  New East West intends to continue
to operate the  equipment in this manner,  using the assets  acquired to augment
the existing  service of the other  wholly-owned  subsidiary  of SMXC,  Smithway
Motor Xpress, Inc. ("SMXI").

        The Agreement called for a purchase price of approximately  $6.7 million
and the  assumption  of  approximately  $3.5 million of existing  financing  for
certain  tractors,   trailers,  and  mobile  communication   terminals  and  the
assumption of liability  related to accrued vacation and sick leave. The assumed
financing was paid off immediately  following the Closing.  The purchased assets
included tractors, trailers, safety equipment,  prepaid licenses,  miscellaneous
assets and inventory,  and mobile  communication  terminals.  The Agreement also
provided for the purchase of the Black Hawk facility for $750,000 from an entity
affiliated with the Old East West.  Darwyn and David Stebbins ("the  Stebbins"),
the  shareholders  of Old  East  West,  are  prohibited  from  competing  in the
truckload  carrier  business  for  five  years  from  the  date of  Closing.  No
consideration   separate  from  the   Agreement   itself  is  allocated  to  the
noncompetition undertakings. Following the Closing, each of the Stebbins will be
employed  by New East West  through  December  31,  1998 at an annual  salary of
$78,000.

        SMXI increased its line of credit with LaSalle  National Bank to finance
the transaction. The consideration exchanged was determined through arms'-length
negotiations.  There is no material  relationship  between Old East West (or its
officers,  directors, and stockholders) and SMXI, SMXC, or New East West, any of
their affiliates,  directors,  officers, or any associate of any such affiliate,
director, or officer.

        The reporting  company is not required to file  financial  statements of
the acquired  entity or pro forma  financial  statements in connection with this
Current Report on Form 8-K.


                                        2

<PAGE>

ITEM 7.  Exhibits.

        The terms of the  acquisition are more fully described in the Agreement,
a copy of which is filed  herewith as Exhibit 2.1. In  addition,  the SMXC press
release announcing the acquisition is filed herewith as Exhibit 99.

     2.1  Asset  Purchase  Agreement  dated  February  20,  1998,  by and  among
          Smithway Motor Xpress, Inc., East West Motor Express, Inc., and Darwyn
          and David Stebbins.*

     99   Press release issued by SMXC announcing the transaction.
------------------------

       *  Contemporaneously with the Closing, the Agreement was assigned by SMXI
          to New East West.  All of the  schedules and exhibits to the Agreement
          have been omitted. SMXC hereby agrees to furnish supplementally to the
          Commission  a  copy  of any  schedule  or  exhibit  omitted  upon  the
          Commission's request.

                                          SIGNATURES

        Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned hereunto duly authorized.

                                           SMITHWAY MOTOR XPRESS CORP.

Date: March 12, 1998                       By: /S/ G. LARRY OWENS
                                           G. Larry Owens, Executive Vice
                                           President and Chief Financial Officer



                                        3
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SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, DC 20549

                                    FORM 8-K

                                 CURRENT REPORT

                         PURSUANT TO SECTION 13 OR 15(d)
                     OF THE SECURITIES EXCHANGE ACT OF 1934

       Date of Report (Date of earliest event reported): February 27, 1998

                           SMITHWAY MOTOR XPRESS CORP.
             (Exact name of registrant as specified in its charter)

            NEVADA                      000-20793                42-1433844
(State or other jurisdiction of  (Commission File Number)  (IRS Employer ID No.)
         incorporation)

                                2031 Quail Avenue
                             Fort Dodge, Iowa 50501
                                 (515) 576-7418

               (Address, including zip code, and telephone number,
         including area code of registrant's principal executive office)

                                        1
ITEM 2.  Acquisition or Disposition of Assets

        Smithway  Motor Xpress  Corp.,  a Nevada  corporation  ("SMXC"),  is the
reporting  company under this Form 8-K. On February 27, 1998,  SMXC formed a new
wholly-owned  subsidiary in connection  with the purchase of certain  assets and
assumption of certain  liabilities and the freight operations of East West Motor
Express,  Inc. ("Old East West") of Black Hawk, South Dakota.  Contemporaneously
with the incorporation, Old East West filed Articles of Amendment with the South
Dakota  Secretary  of State  changing  its name to East West  Leasing,  Inc. and
allowing the newly-formed  entity to assume its name ("New East West"). SMXC and
its  subsidiaries  provide  nationwide  transportation  of diversified  freight,
concentrating primarily on the flatbed segment of the truckload market.

     Effective  February 27, 1998, New East West  consummated the acquisition of
specified  assets  owned  and  leased  by Old East  West  pursuant  to the Asset
Purchase  Agreement (the  "Agreement").  Old East West's  headquarters  and only
terminal is in Black Hawk, from which it provides  regional  flatbed and dry van
service.  Old East West  generated  over  $31.0  million in revenue in 1997 with
pre-tax net earnings of $1.2 million in 1997.  New East West intends to continue
to operate the  equipment in this manner,  using the assets  acquired to augment
the existing  service of the other  wholly-owned  subsidiary  of SMXC,  Smithway
Motor Xpress, Inc. ("SMXI").

        The Agreement called for a purchase price of approximately  $6.7 million
and the  assumption  of  approximately  $3.5 million of existing  financing  for
certain  tractors,   trailers,  and  mobile  communication   terminals  and  the
assumption of liability  related to accrued vacation and sick leave. The assumed
financing was paid off immediately  following the Closing.  The purchased assets
included tractors, trailers, safety equipment,  prepaid licenses,  miscellaneous
assets and inventory,  and mobile  communication  terminals.  The Agreement also
provided for the purchase of the Black Hawk facility for $750,000 from an entity
affiliated with the Old East West.  Darwyn and David Stebbins ("the  Stebbins"),
the  shareholders  of Old  East  West,  are  prohibited  from  competing  in the
truckload  carrier  business  for  five  years  from  the  date of  Closing.  No
consideration   separate  from  the   Agreement   itself  is  allocated  to  the
noncompetition undertakings. Following the Closing, each of the Stebbins will be
employed  by New East West  through  December  31,  1998 at an annual  salary of
$78,000.

        SMXI increased its line of credit with LaSalle  National Bank to finance
the transaction. The consideration exchanged was determined through arms'-length
negotiations.  There is no material  relationship  between Old East West (or its
officers,  directors, and stockholders) and SMXI, SMXC, or New East West, any of
their affiliates,  directors,  officers, or any associate of any such affiliate,
director, or officer.

        The reporting  company is not required to file  financial  statements of
the acquired  entity or pro forma  financial  statements in connection with this
Current Report on Form 8-K.

                                        2
ITEM 7.  Exhibits.

        The terms of the  acquisition are more fully described in the Agreement,
a copy of which is filed  herewith as Exhibit 2.1. In  addition,  the SMXC press
release announcing the acquisition is filed herewith as Exhibit 99.

     2.1  Asset  Purchase  Agreement  dated  February  20,  1998,  by and  among
          Smithway Motor Xpress, Inc., East West Motor Express, Inc., and Darwyn
          and David Stebbins.*

     99   Press release issued by SMXC announcing the transaction.
------------------------

       *  Contemporaneously with the Closing, the Agreement was assigned by SMXI
          to New East West.  All of the  schedules and exhibits to the Agreement
          have been omitted. SMXC hereby agrees to furnish supplementally to the
          Commission  a  copy  of any  schedule  or  exhibit  omitted  upon  the
          Commission's request.

                                          SIGNATURES

        Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned hereunto duly authorized.

                                           SMITHWAY MOTOR XPRESS CORP.

Date: March 12, 1998                       By: /S/ G. LARRY OWENS
                                           G. Larry Owens, Executive Vice
                                           President and Chief Financial Officer

                                        3