Championship Auto Racing Teams Announces 2002 Ladder Series Plans

    DETROIT, Sept. 10 Championship Auto Racing Teams, Inc.
today announced its 2002 plans with respect to its top two
development series -- the Dayton Indy Lights Championship and the Toyota
Atlantic Championship.  Following CART's analysis and in furtherance of its
announced strategic plan, CART will discontinue the operations of the Dayton
Indy Lights Championship following the conclusion of the 2001 race season in
order to focus its efforts on a single development series.
    "The decline in entries and sponsorship for each series over the past two
seasons has led us to the conclusion that we need to focus our efforts on
building a single top-level development series.  With the support of Toyota
and our base in the Toyota Atlantic Championship, we intend to grow our system
of development and enhance the value and benefit to all who are involved,"
said Joseph F. Heitzler, Chairman and CEO of CART.
    CART expects to take a third quarter pre-tax charge related to the
discontinuance of operations of the Dayton Indy Lights Championship (American
Racing Series, Inc.) in the range of $7.9 to $8.1 million.  On an after-tax
basis, the charge is expected to be $5.1 to $5.3 million or $.34 to $.35 per
share on a fully diluted basis.  The charge in the third quarter is primarily
non-cash, thus maintaining the strength of CART's balance sheet and liquidity
position.  The non-recurring charges, on a pre-tax basis, are expected to
include:

    *  Impairment charges related to goodwill of approximately $5.6 million
    *  Impairment charges related to equipment of approximately $1.9 to $2.0
million
    *  Restructuring costs including severance payments and other related
costs of approximately $240,000 to $540,000

    The CART Toyota Atlantic Championship series is conducted under the
direction of Vicki O'Connor, President of Pro-Motion Agency, a subsidiary of
CART, and in 2002 will utilize the current Toyota Atlantic chassis and engine
combination -- the 240-horsepower Atlantic Toyota 4-AG engine and the Swift
014.a chassis.  Future plans include a new engine and chassis formula,
beginning in the 2005 season.
    New in the 2002 season will be an increased purse, $100,000 per race, as
well as a planned $1 million season-ending points fund.  Currently, purses for
CART support series average approximately $80,000 and there currently is a
total of $400,000 in year-end points fund payouts.
    Championship Auto Racing Teams, Inc. owns, operates and markets the FedEx
Championship Series.  Champions Gil de Ferran, Alex Zanardi, Michael Andretti
and Jimmy Vasser are among the drivers who battle for the FedEx Championship
Series title on oval circuits as well as temporary and permanent road courses.
Learn more about CART's open-wheel racing series at http://www.cart.com .
    Statements made in this release that state the Company's or management's
beliefs or expectations and which are not historical facts or which apply
prospectively are forward-looking statements.  It is important to note that
the Company's actual results could differ materially from those contained or
implied by such forward-looking statements.  Additional information concerning
factors that could cause actual results to differ materially from those in the
forward-looking statements is contained from time to time in the Company's SEC
filings including, but not limited to, the 10-K and subsequent 10-Q's.  Copies
of those filings are available from the Company and the SEC.

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