The Major Automotive Companies Completes Divestiture of its Former Technology Operations; The Company sells its telephone calling card subsidiary

    LONG ISLAND CITY, N.Y.--Aug. 14, 2001--The Major Automotive Companies, Inc. today announced it has sold its wholly-owned subsidiary, ICS Globe, Inc. to Global Communications of NY, Inc. a Delaware corporation, led by Kimberly Peacock, who was previously an executive officer of the Company's former technology subsidiary, IG2, Inc. Terms were not disclosed.
    Bruce Bendell, Chairman and Chief Executive Officer of the Major Automotive Companies, stated, "With this sale, we have successfully divested ourselves of all of the operations of our former Technology Division. We are pleased to have concluded these divestitures in a prudent and beneficial manner. Our vision and efforts are now concentrated solely on our automotive operations. With this focus, we seek to achieve our goal to become the dominant dealership group in the New York metropolitan area."
    The Major Automotive Companies is a leading consolidator of automotive dealerships in the New York Metropolitan area. For additional information, visit the Company's website at http://www.majorworld.com/.
    The information contained in this press release, including any "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities and Exchange Act of 1934 contained herein, should be reviewed in conjunction with the Company's annual report on Form 10-K and other publicly available information regarding the Company, copies of which are available from the Company upon request. Such publicly available information sets forth many risks and uncertainties related to the Company's business and such statements, including risks and uncertainties related to that are unpredictable and outside of the influence and/or control of the Company.