Coach Industries Group Announces Formation of Coach Financial Services Subsidiary

FORT LAUDERDALE, Fla.--July 8, 2004--

Coach Financial Services to Offer a Diversified Line of Financial Products and Services to the Limousine Service Industry

Coach Industries Group, Inc. (OTCBB:CIGI) ("Coach"), a holding company focused on manufacturing luxury limousines and specialty vehicles, announced today the formation of a new wholly-owned subsidiary, Coach Financial Services, Inc., which intends to provide financial services to the limousine industry and high-end automobile industry.

The new subsidiary is part of Coach's strategy to grow rapidly through the introduction of new product and service offerings to the approximate 14,000 limousine operators throughout the United States. The new subsidiary will offer an array of financial products including financing for luxury limousines and high-end automobiles as well as other financial services, such as specialty lines of insurance products.

Coach Financial Services, Inc. plans to grow its product offerings through acquisitions, as well as through internally generated product development. The Company is currently in various stages of review and negotiations with acquisition candidates that, if completed, will provide the Company established brand awareness and experienced management.

Francis O'Donnell, President and Chief Executive Officer of CIGI, commented, "The additional product offerings provided through Coach Financial Services are a natural extension of our business plan and strategy. As a compliment to our limousine manufacturing business, Coach Financial Services will provide immediate revenue to the Company and value added products and services desperately needed by our customers. The number of banks and financial institutions offering limousine lease financing has significantly declined since September 11, 2001. We are in a unique position to fill this void as we can better service these accounts due to our expertise and understanding of the industry."

About Coach Industries Group, Inc.

Coach Industries Group, Inc. is a holding company focused on manufacturing luxury limousine and specialty vehicles. Its two wholly-owned subsidiaries, Springfield Coach Industries Corporation, Inc. ("Springfield") (http://www.limoland.com) and Commercial Transportation Manufacturing Corporation ("CTMC") (http://www.uscoach.com), are among the largest limousine manufacturing companies in the United States. The Company's wholly-owned subsidiary, Coach Financial Services, Inc., will offer an array of financial products including financing for luxury limousines and high-end automobiles as well as other financial services, such as specialty lines of insurance products.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: The Statements which are not historical facts contained in this press release are forward-looking statements that involve certain risks and uncertainties including but not limited to risks associated with the uncertainty of future financial results, additional financing requirements, development of new products, government approval processes, the impact of competitive products or pricing, technological changes, the effect of economic conditions and other uncertainties detailed in the Company's filings with the Securities and Exchange Commission.