Championship Auto Racing Teams, Inc. Files Its Form 10-Q for the Quarter Ended September 30, 2004 With the Securities and Exchange Commission

INDIANAPOLIS, Nov. 15, 2004 -- Championship Auto Racing Teams, Inc. ("Championship" or "Company") (Pink Sheets: CPNT.PK) announced today that it has filed its 10-Q for the quarter ended September 30, 2004.

The Company has sold all of its operating assets and is in the process of winding up its affairs. The Form 10-Q for the third quarter of 2004 reflects the Company's position as it continues to wind up its affairs.

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.