Championship Auto Racing Teams, Inc. Delays 10-K Filing

INDIANAPOLIS, March 31 -- Championship Auto Racing Teams, Inc. ("Championship" or "Company") (Pink Sheets: CPNT.PK) announced today that it will be unable to file its 2004 Annual Report on Form 10-K with the U.S. Securities and Exchange Commission (SEC) by the deadline of March 31, 2005. The Company filed a Form 12b-25 with the SEC, which grants an automatic fifteen-day extension to the Form 10-K filing deadline in order to complete the audit of its financial statements for the year ended December 31, 2004. In the Form 12b-25, the Company stated that it was unable to complete its financial statements by March 31, 2005 due primarily to the fact that its operating subsidiary CART, Inc. filed for bankruptcy under the U. S. Bankruptcy Code and the accounting for this transaction has not been completed. The Company and its accountants have been working diligently to finalize the financial statements and the 10-K as quickly as possible. The Company believes it will be able to file the Form 10-K within the fifteen day extension.

ABOUT CHAMPIONSHIP AUTO RACING TEAMS, INC.

Championship Auto Racing Teams, Inc. previously owned and operated the ChampCar World Series. The Company has sold all of its operating assets and is in the process of winding up its affairs.