Cragar Industries, Inc. to Attack Asian Wheel & Automotive Markets

4 August 1997

    PHOENIX, Aug. 4 -- Cragar Industries Inc.
announced today that it has retained the services of Asia Pacific Ventures
Company (APV) to help with the Company's entrance into the Asian automotive
aftermarket industry.  APV will be responsible for:

    * Market, product and opportunity analysis.
    * Product distribution.
    * Licensing.
    * Direct investment and fund raising.
    * Strategic partnering.

    The Company's relationship with APV will benefit Cragar by:

    * Cutting the likely entry time into the new markets from many years to a
few months.
    *  Having access to Japanese capital markets as well as to targeted
decision makers at the highest executive levels.
    * Creating the vehicle which will possibly provide a conduit for the
export of additional U.S. aftermarket products to Japan and the rest of Asia.
    * Developing connections to find other automotive products for import into
the U.S. markets.

    "We are excited about expanding our international presence.  We are hoping
to make the Cragar brand name as distinguishable in the Asian marketplace as
it is in the U.S,"  stated Michael L. Hartzmark, President and CEO of Cragar.
"In addition, there appears to be significant sales opportunities.  According
to the Japan Light Allow Wheel Association, there has been an increase in unit
sales of over 300% from 1990 to 1995 of imported aluminum wheels; totaling
over 1.5 million units."

    APV is a consulting and advisory firm which specializes in assisting U.S.
companies enter Japan and other Asian markets.  Established in 1990, APV has
guided more than 100 companies to successful ventures in the Far East by
helping them develop and implement results-oriented strategies.

    Cragar Industries, Inc. is an international manufacturer and marketer of
automotive wheels and wheel accessories for cars, trucks and racing vehicles.

    In the content of this release, we may make forward-looking statements
regarding future events or the future financial performance of the Company.
Please refer to the Risk Factors in the Company's filings with the Securities
and Exchange Commission which identify some important factors that could cause
the actual results to differ materially from those contained in our forward-
looking statements.  These factors include product availability, market
conditions and competitive factors, as well as general economic conditions.

SOURCE  Cragar Industries, Inc.