---

Championship Auto Racing Teams Announces Registration Statement

13 April 1999

Championship Auto Racing Teams, Inc. Announces Filing of Registration Statement For Selling Shareholders

    DETROIT, April 12 -- Championship Auto Racing Teams, Inc.
today announced that it has filed with the Securities and Exchange
Commission a Registration Statement relating to a proposed public offering of
up to 1,866,500 shares of its common stock to be sold by certain selling
shareholders, and 279,975 shares of common stock to be sold by the Company in
an over-allotment option granted to the underwriters.
    CART Chairman of the Board Andrew Craig stated "We are pleased that the
offering will result in greater ownership by our public shareholders and
increase the float on CART's shares."  The Company will receive none of the
proceeds from the sale of shares by selling shareholders.  The Company intends
to use any proceeds received from the exercise of the over-allotment option
for general corporate purposes.  The sale is expected to be completed in the
second quarter of this year.  The managing underwriters for the offering will
be Jefferies & Company, Inc. and J.C. Bradford & Co.
    Championship Auto Racing Teams, Inc. owns, operates, and markets the FedEx
Championship Series, which is comprised of 20 races in five countries on four
continents in 1999.   Competitors race 900-plus horsepower, open-wheel "Champ
Cars" at speeds of more than 240 miles per hours.   CART also owns and
operates the two development series:  The PPG Dayton Indy Lights Championship
and the Kool/Toyota Atlantic Championship.
    A Registration Statement relating to these securities has been filed with
the Securities and Exchange Commission, but has not yet become effective.
These securities may not be sold, nor may offers to buy be accepted prior to
the time the Registration Statement becomes effective.  This press release
does not constitute an offer to sell or the solicitation of an offer to buy,
nor shall there be any sale of these securities in any state in which such
offer, solicitation, or sale would be unlawful prior to registration or
qualification under the securities laws of any such state.
    A written prospectus, when available, can be obtained from Jefferies &
Company, Inc., Equity Syndicate at 650 5th Avenue, New York, New York 10019 or
J.C. Bradford & Co., Syndicate Department, at 330 Commerce Street, Nashville,
Tennessee 37201.