The Major Automotive Companies Announces Extension of Credit Arrangement

    LONG ISLAND CITY, N.Y.--Dec. 20, 2001--The Major Automotive Companies, Inc. (f/k/a Fidelity Holdings, Inc.) announced today that DaimlerChrysler Services North America LLC (successor by merger to Chrysler Financial Company, LLC), one of its primary floor plan credit sources for the financing of its vehicle inventory, has extended its previously announced deadline for termination of the existing credit facilities from December 20, 2001 to January 31, 2002.
    The Company has been in active discussions with potential alternative finance sources.
    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.majorauto.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 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.