Action Performance Announces Filing of Registration Statement for Initial Public Offering by goracing.com, inc. Subsidiary.

PHOENIX--(BUSINESS WIRE)--July 6, 1999--

Action Performance Companies, Inc., (Nasdaq/NMS:ACTN) today announced that its goracing.com, inc. subsidiary has filed a registration statement with the Securities and Exchange Commission for an initial public offering of its class A common stock.

The initial public offering will be managed by Banc of America Securities LLC, William Blair & Company, U.S. Bancorp Piper Jaffray, and J.C. Bradford & Co. goracing.com, inc. is a leading online provider of worldwide motorsports-related news and information, a meeting place and community for motorsports fans, and an e-commerce marketplace for motorsports merchandise.

The Company will continue to own more than 80% of the shares of goracing.com, inc. after the offering. The offering is anticipated in early September.

The Company also announced that Christopher S. Besing, currently its Chief Financial Officer, will serve as Chief Executive Officer of goracing.com, inc. Lonnie Boutte will serve as president of goracing.com, inc. and Roger Falcione will serve as its Chief Technology Officer. Upon the completion of the offering, David A. Husband, currently Chief Accounting Officer, will assume the role of Chief Financial Officer of Action Performance.

Fred W. Wagenhals, the Company's Chairman, President, and Chief Executive Officer, stated, "We are excited about our Internet business and the very positive impact that it is anticipated to have on our company. In Chris Besing, we believe we have the right person to lead our Internet operations. I also have great confidence in Lonnie Boutte and Roger Falcione who will join Chris as key executives of goracing.com, inc. We are fortunate to have David Husband on board to assume the role of Action Performance's Chief Financial Officer in addition to his role of Chief Accounting Officer."

A registration statement relating to the class A common stock of goracing.com, inc. has been filed with the Securities and Exchange Commission but has not yet been 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 shall 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.

Action Performance Companies, Inc. is the leader in the design, marketing, promotion and distribution of licensed motorsports merchandise. Its products include a broad range of motorsports-related die-cast car replica collectibles, apparel, souvenirs, and other memorabilia.

This press release contains forward-looking statements. The Company's actual results could differ materially from those set forth in the forward-looking statements. Factors that might cause such a difference include, among others, competitive pressures, acceptance of the Company's products and services in the marketplace, the Company's ability to implement successfully its Internet strategy, the Company's ability to integrate successfully acquired businesses, and other risks detailed in the Company's Securities and Exchange commission filings, including the Company's Form 10-K/A dated September 30, 1998.