Action Performance Elects Robert L. Matthews to Board of Directors

    PHOENIX--April 11, 2001--Action Performance Companies Inc. (Company) , the leader in the design, marketing, promotion, and distribution of licensed motorsports merchandise, today announced the election of Robert L. Matthews to its board of directors.
    Matthews brings an extensive background in banking and is currently vice chairman of the board of Bank One, Arizona. He had retired after serving as chairman of Security Pacific Bank of Arizona. Prior to that he was president and CEO of Arizona Bank, where he began his banking career over 30 years earlier.
    Matthews has served on other corporate boards, as well as the boards of many civic and social organizations, including the Goldwater Institute, Arizona Bankers Association, Barrow's Neurological Foundation, Arizona Science Museum, Greater Phoenix Economic Council, and the Sun Angel Foundation. Matthews earned a bachelors degree from the University of Nebraska.
    Fred Wagenhals, Action Performance chairman, president and CEO, commented: "We are pleased to welcome Bob to our board. His long and successful banking career provides valuable experience in an important area for a company in the midst of producing a strong turnaround in business and financial condition.
    "Bob replaces William E. (Rick) Ray, who has stepped down from the board for personal reasons. We are sorry that Rick will not be able to continue on the board and thank him for the support he has provided," Wagenhals added.

    About Action Performance:

    Action Performance Companies Inc. is the leader in the design, marketing, promotion and distribution of licensed motorsports merchandise. Its products include a broad range of motorsports-related die-cast car replica collectibles, apparel, souvenirs, and other memorabilia.
    The Company markets and distributes products through a variety of channels, including trackside at racing events, a worldwide network of wholesale distributors and specialty dealers, the Racing Collectables Club of America (RCCA), and mass retail department stores and chains.

    This news release contains forward-looking statements regarding the Company's business results and financial condition. The Company's actual results could differ materially from those set forth in the forward-looking statements. Factors that might cause such differences include, among others, competitive pressures, acceptance of the Company's products and services in the marketplace, the success of new marketing programs, the Company's ability to successfully execute its restructuring, and other risks discussed in the Company's Form 10-K dated Sept. 30, 2000, on file with the U.S. Securities and Exchange Commission.