The Major Automotive Companies Announces Receipt of Nasdaq Notice of Possible Delisting

    LONG ISLAND CITY, N.Y.--Aug. 23, 2002--The Major Automotive Companies, Inc. today announced that the Company has received a Notification of Deficiency from Nasdaq indicating that the Company is not in compliance with Nasdaq Marketplace Rule 4450(a)(5) relating to minimum bid price per share ($1.00) that is required for continued listing on the Nasdaq National Market.
    The Company has until November 20, 2002 to demonstrate compliance with this rules or face delisting. Alternatively, the Company may apply to transfer its securities to the Nasdaq SmallCap Market, which, if such application is accepted, will grant the Company an extended grace period, until February 18, 2003 to demonstrate compliance with the $1.00 minimum bid requirement.
    The Company is evaluating all alternatives.
    The Major Automotive Companies is a holding company for the Major Automotive Group, a leading consolidator of automobile 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.