The Major Automotive Companies Announces 90-Day Extension to Trade on Nasdaq SmallCap

LONG ISLAND CITY, N.Y.--Aug. 2, 20037, 2003--The Major Automotive Companies, Inc. today announced that the Company has received notice from Nasdaq indicating that the Company has been granted an extension of 90 calendar days to regain compliance with Nasdaq's Marketplace Rule 4450(a)(5) (the "Rule") that requires a minimum of a $1.00 bid price in order to qualify for continued listing on the Nasdaq SmallCap Market.

Nasdaq noted that the Company met the initial listing requirements for The Nasdaq SmallCap Market. In accordance with Marketplace Rule 4310(c)(8)(D), Major will now be provided an additional 90 calendar days, or until November 18, 2003, to regain compliance with the Rule by maintaining a closing bid price of $1.00 per share or more for a minimum of 10 consecutive trading days.

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 Web site 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, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, 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.