The Morgan Group Appoints McGladrey & Pullen, LLP As Auditor

    ELKHART, Ind.--May 20, 2002--The Morgan Group, Inc. (AMEX:MG), the nation's largest company managing the delivery of manufactured homes, recreational vehicles and specialized equipment, announced today that its Board of Directors has appointed McGladrey & Pullen, LLP as the Company's independent auditors. The appointment of McGladrey & Pullen, LLP was made after an extensive review of a number of top-ranked public accounting firms. The final selection was approved by the Board of Directors at a meeting on May 9, 2002.
    Prior to the selection of McGladrey & Pullen, Ernst & Young LLP had served as the Company's independent auditors. The decision to change auditors was not the result of any disagreement between the Company and Ernst & Young on any matter of accounting principles or practices, financial statement disclosures, or auditing scope or procedure. Ernst & Young has provided services as independent auditors to the Company since 1988 and the Company has valued its relationship with the firm.
    The Morgan Group, Inc., through its subsidiaries Morgan Drive Away, Inc., and TDI, Inc., is the nation's largest provider of transportation services for manufactured homes, recreational vehicles, commercial vehicles and specialized equipment in the United States.