Coach Industries Group Announces $4.5 Million Wholesale Lending Facility from Sovereign Bank

FORT LAUDERDALE, Fla.--July 14, 2004--

Separately, Coach Announces the Launch of its Go Commercial Lease Subsidiary

Coach Industries Group, Inc. (OTCBB:CIGI) ("Coach") a holding company focused on manufacturing luxury limousines and specialty vehicles, announced today that its new wholly-owned subsidiary, Coach Financial Services, Inc., has secured a $4.5 Million wholesale lending facility from Sovereign Bank.

Separately, Coach announced it has launched Go Commercial Lease Holding, Inc. ("Go Commercial"), a wholly-owned division of its new Coach Financial Services, Inc. subsidiary. Go Commercial will utilize the $4.5 million wholesale facility to immediately begin offering lease financing on limousines, commercial fleet and high-end luxury automobiles. Go Commercial will offer a broad array of financial service products to the approximate 14,000 limousine operators throughout the United States.

Coach Financial Services, Inc. plans to offer a number 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.

Francis O'Donnell, President and Chief Executive Officer of CIGI, commented: "We see a significant opportunity to fill the void created by the decline in the number of banks and financial institutions offering limousine lease financing since September 11, 2001. Providing lease financing to the limousine, commercial fleet and high-end automobile industries is an ideal extension of our business strategy and a compliment to our existing vehicle manufacturing business. We expect our Go Commercial unit to have an immediate, positive affect to both revenues and cash flow of Coach Industries."

Sovereign Bank is a $47 billion financial institution with 535 community banking offices, nearly 1,000 ATMs and about 8,300 team members in Connecticut, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, and Rhode Island. Upon completion of its pending acquisitions, Sovereign will be one of the top 20 largest banking institutions in the United States.

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.