CART Commits To Success in 2003

    INDIANAPOLIS, Oct. 18, 2002 Championship Auto Racing
Teams, Inc. announced today that it will make a significant
investment in the company's future.  The Board-approved plan, which follows a
commitment to invest in CART made by CART President and CEO Christopher R.
Pook in last July's second-quarter earnings teleconference, gives the company
the authority to commit up to $30 million in financial support and assistance
for the 2003 CART FedEx Championship Series season.
    With the company leading the way in investing for the future success of
the series, CART Management is seeking commitments from teams, drivers,
sponsors, promoters, television partners and manufacturers for active
involvement in the 2003 racing season.
    "We are asking our partners and teams to invest a significant amount of
money to be involved in our series," Pook says.  "We believe that we should
also invest in the future success of the series, and unequivocally show our
partners that we believe in the future of the company and our racing product.
We are very excited to lead the way in investing for the success of the
series, and expect that our financial commitment will generate similar
confidence and enthusiasm from our teams, business partners and potential team
sponsors."
    The new CART incentive program is in addition to the previously announced
Entrant Support Program and the arrangement with Cosworth Racing.
    Championship Auto Racing Teams, Inc. owns, operates and
markets the CART FedEx Championship Series. Newly-crowned 2002 CART FedEx
Championship Series champion Cristiano da Matta is among the open-wheel stars
competing with teams such as Newman/Haas Racing, Player's/Forsythe Racing,
Team Rahal, Fernandez Racing, Patrick Racing, Herdez Competition, Mo Nunn
Racing, Walker Racing and others. CART Champ Cars are thoroughbred racing
machines that reach speeds in excess of 200 miles per hour, showcasing the
technical expertise of manufacturers such as Ford Motor Company, Lola Cars,
Reynard Motorsport and Bridgestone/Firestone North American Tire, LLC. The 19-
race 2002 CART FedEx Championship Series will be broadcast by new television
partners, CBS, FOX and SPEED Channel. CART also owns and operates its top
development series, the CART Toyota Atlantic Championship. Learn more about
CART's open-wheel racing series at http://www.cart.com .