Motorcars Auto Group Receives Nasdaq Staff Determination Letter

BOCA RATON, Fla., April 23 -- Motorcars Auto Group Incorporated today announced that it received a Nasdaq Staff Determination letter on April 16, 2003 indicating that the Company fails to comply with the Stockholders' Equity, Minimum Bid Price, Market Value of Publicly Held Shares and Filing Requirements for continued listing set forth in Marketplace Rules 4310(C)(4), 4310(C)(2)(a), 4310(c)14, 4310(c)(13), and its securities are, therefore, subject to delisting from The Nasdaq National Small Cap Market. The Company has requested a hearing before a Nasdaq Listing Qualification Panel to review the Staff Determination. There can be no assurances the Panel will grant the Company's request for continued listing.