Championship Auto Racing Teams, Inc. Files its Form 10-K for the Year Ended December 31, 2003 and its Form 10-Q for the Quarter Ended March 31, 2004 With the Securities and Exchange Commission

INDIANAPOLIS, Aug. 24, 2004 -- Championship Auto Racing Teams, Inc. ("Championship" or "Company") (BULLETIN BOARD: CPNT) announced today that it has filed its Annual Report on Form 10-K for the year ended December 31, 2003 as well as its 10-Q for the three-month period ended March 31, 2004.

The Company had delayed the filing of these reports because of the bankruptcy of its operating subsidiary CART, Inc. The Company has sold all of its operating assets and is in the process of winding up its affairs. Investors should note that the Form 10-K provides largely historical information, since it relates to the year 2003 when the Company was actively engaged in business. The Form 10-Q for the first quarter of 2004 reflects the Company's position as it continues to wind up its affairs. The Company anticipates filing its 10-Q for the quarter-ended June 30, 2004 in the near future.

The quarterly information for the year 2004 is not comparable to the quarterly information for 2003.

ABOUT CHAMPIONSHIP AUTO RACING TEAMS, INC.

The Company's intention is to assist in completing the bankruptcy of its subsidiary CART, Inc. and to propose to the shareholders a plan of liquidation and dissolution of the Company. The Company currently intends to commence this process in 2004 with a distribution to shareholders, if possible, in early 2005. The amount of any distribution would be based on a number of factors and it is not possible for the Company to make any reasonable predictions at this point in time as to what any ultimate distribution, if any, will be to its shareholders.

SAFE HARBOR STATEMENT

The statements made in this news release that state the Company's managements' beliefs or expectations and which are not historical facts, or which apply prospectively are forward-looking statements. Words such as "may, will, expect, believe, anticipate, forecast, intend, could, would, estimate, or continue," or the negative variation thereof, or comparable terminology are intended to identify forward-looking statements. It is important to note that the Company's actual results could differ materially from those contained or implied by such forward-looking statements. The risks and uncertainties considered include, but are not limited to potential claims, or other issues that could occur while the company is in the process of winding up its affairs. Additional information concerning the Company's actual results can be obtained from the SEC's website at http://www.sec.gov/ .