CART and Former President and CEO Joseph F. Heitzler Announce Resolution To All Legal Disputes

INDIANAPOLIS, Aug. 20, 2003 -- Championship Auto Racing Teams, Inc. ("CART") and Joseph F. Heitzler ("Heitzler") announced today that they have amicably resolved all of their legal disputes.

Heitzler is the former President, Chief Executive Officer and Chairman of the Board of Directors of CART and is currently the President and Chief Executive Officer of Grand, the promoter of two CART-sanctioned races in Mexico. According to CART's President and Chief Executive Officer Christopher Pook, CART looks forward to working with Heitzler and Grand in the future.

About Championship Auto Racing Teams, Inc.

Championship Auto Racing Teams, Inc. owns, operates and markets the 2003 Bridgestone Presents The Champ Car World Series Powered by Ford. Veteran racing teams such as Newman/Haas Racing, Player's/Forsythe Racing, Team Rahal, Patrick Racing and Walker Racing will compete with many new teams this year in pursuit of the Vanderbilt Cup. 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 2003 Bridgestone Presents The Champ Car World Series Powered by Ford will be broadcast by television partners CBS and SPEED Channel. CART also owns and operates its top development series, the Toyota Atlantic Championship. Learn more about CART's open-wheel racing series at www.champcarworldseries.com .