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Championship Auto Racing Teams, Inc. Announces Resignation of Chief Financial Officer

3 October 2000

Championship Auto Racing Teams, Inc. Announces Resignation of Chief Financial Officer 
    DETROIT, Oct. 3 Championship Auto Racing Teams, Inc.
announced today that Randy K. Dzierzawski has resigned his
positions as Executive Vice President and Chief Financial Officer, effective
October 3, 2000, to pursue other business interests.  Thomas L. Carter, who
currently serves as Vice President of Finance and Administration of a
subsidiary of the Company, has been appointed Chief Financial Officer and will
oversee the financial functions until a permanent successor is named.
    "On behalf of the Board of Directors of the Company, I would like to thank
Randy Dzierzawski for over 10 years of dedication and hard work with
Championship Auto Racing Teams, Inc., and we all wish him the best of luck in
his future endeavors," said Robert W. Rahal, Interim President and CEO of the
Company.
    Championship Auto Racing Teams, Inc. owns, operates and
markets the FedEx Championship Series. Champions Juan Montoya, Michael
Andretti and Jimmy Vasser are among the drivers who battle for the FedEx
Championship Series title on oval circuits as well as temporary and permanent
road courses.  CART also owns and operates its top two development series, the
Dayton Indy Lights Championship and the Toyota Atlantic Championship. Learn
more about CART's open-wheel racing series at http://www.cart.com .

    This press release may contain "Forward-Looking Statements" within the
meaning of Section 27A of the Securities Act and Section 21E of the Exchange
Act.  All statements other than statements of historical facts included in
this release may constitute forward-looking statements.  Although the parties
believe that the expectations reflected in such forward-looking statements are
reasonable, they can give no assurance that such expectations will prove to
have been correct.  Actual results may differ materially from the parties'
expectations due to changes in corporate performance, industry factors,
continued due diligence by the parties, and other operational and economical
factors. Additional information on potential factors that could affect the
Company's financial results are included in the reports filed with the SEC,
including its Form 10-K.