The Major Automotive Companies Reports Receipt of Proposed Offer for Company

LONG ISLAND CITY, N.Y.--June 10, 2004--The Major Automotive Companies, Inc. today reported that it has received a proposal letter contemplating a transaction pursuant to which an entity to be formed by Bruce Bendell, the Company's Chairman, President, Chief Executive Officer and Acting Chief Financial Officer, would be merged into the Company for cash consideration of approximately $0.70 per share.

The Company's Board of Directors has formed a special committee of independent directors for the purpose of evaluating Mr. Bendell's offer. The special committee is in the process of engaging a financial advisor to advise it in assessing Mr. Bendell's proposal.

There can be no assurance that any transaction with Mr. Bendell will occur, and, if any transaction occurs, what the terms and conditions of any such transaction would be.

Unless otherwise required by applicable securities laws, the Company does not expect to make any further public announcements regarding a transaction unless and until it has executed a definitive agreement with respect to such transaction.

The Major Automotive Companies is a leading automotive dealership group in the New York Metropolitan area. For additional information, visit the Company's website at http://www.majorauto.com/.