Championship Auto Racing Teams, Inc. Announcement of Adjournment of Special Meeting of Stockholders

INDIANAPOLIS, Dec. 14, 2005 -- Championship Auto Racing Teams, Inc. (the "Company") (CPNT.PK) announced that its Special Meeting of Stockholders held on December 13, 2005 to vote on the approval of the Company's Plan of Liquidation and Dissolution was adjourned to allow stockholders additional time to vote. The meeting will reconvene at 10:00 a.m., Columbus, Ohio time, on December 29, 2005 at the offices of Baker & Hostetler LLP, 65 East State Street, Suite 2100, Columbus, Ohio 43215.

To date, stockholders have voted a total of approximately 6.37 million shares, of which approximately 6.31 million shares, representing about 43% of the Company's outstanding shares on the record date for the Special Meeting, have been voted in favor of the proposed Plan of Liquidation and Dissolution. Under Delaware law, the Plan of Liquidation and Dissolution must be approved by at least 50% of the Company's outstanding shares on the record date for the Special Meeting.

When the Special Meeting reconvenes, if you have submitted a proxy, your shares will be voted according to your direction. You have the power to revoke or revise your proxy at any time before it is voted at the reconvened Special Meeting by submitting a written notice of revocation to our President or by timely providing us with a valid proxy bearing a later date. Your proxy will not be voted if you attend the Special Meeting and elect to vote your shares in person (although attendance at the Special Meeting will not, in and of itself, revoke a proxy).

The Company urges stockholders who have not already done so to vote by Internet, telephone or mail (as described on the proxy card) as soon as possible. Stockholders who have questions or need more information about the Special Meeting should contact Thomas L. Carter, Chief Financial Officer at (317) 715-4196.

ABOUT CHAMPIONSHIP AUTO RACING TEAMS, INC.

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