Championship Auto Racing Teams, Inc. Announces a Special Meeting of its Stockholders

INDIANAPOLIS, Nov. 19, 2003 -- Championship Auto Racing Teams, Inc. ("Championship") (BULLETIN BOARD: CPNT) announced today that it will hold a special meeting of its stockholders, at which it will ask stockholders to vote to adopt the previously announced merger agreement with Open Wheel Racing Series LLC. The meeting is scheduled for December 19, 2003 at 10:00 am, local time, at Championship's headquarters.

Championship Auto Racing Teams, Inc. and Open Wheel Racing Series LLC announced previously they have signed a definitive merger agreement providing for Open Wheel Racing Series to acquire Championship for cash equivalent to $0.56 per share, based on the number of shares of Championship common stock currently outstanding. The transaction is subject to a number of closing conditions, including approval by Championship's stockholders.

Open Wheel Racing Series is a newly formed holding company owned indirectly by a group of investors including Gerald R. Forsythe, Kevin Kalkhoven and Paul Gentilozzi. Open Wheel Racing Series currently has beneficial ownership of 3,377,400 shares of Championship common stock, which represent approximately 22.9% of the outstanding shares of Championship. These shares will be contributed to Open Wheel Racing Series by Mr. Forsythe or entities owned or controlled by him. Open Wheel Racing Series has previously stated that, if the transaction is completed, it intends to continue to operate the business of Championship, including continuing to sanction the motorsports series currently known as "Bridgestone Presents the Champ Car World Series Powered by Ford."

ABOUT CHAMPIONSHIP AUTO RACING TEAMS, INC.

Championship Auto Racing Teams, Inc. (BULLETIN BOARD: CPNT) 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 competed 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, Walker Racing LLC, (Reynard) and Bridgestone/Firestone North American Tire, LLC. The 18-race 2003 Bridgestone Presents The Champ Car World Series Powered by Ford was 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 .