Major Automotive Companies Announces Further Extension of Credit

LONG ISLAND CITY, N.Y.--Feb. 1, 2002--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, subject to the Company's acceptance of certain terms, extended its previously announced deadline for termination of the existing credit facilities from January 31, 2002 to March 1, 2002.

The Company continues to be in active discussions with potential alternative finance sources.