Action Performance Expands Board, Elects Three Outside Directors.

Business Editors

PHOENIX--(BUSINESS WIRE)--March 2, 2001

The Board of Directors of Action Performance Companies Inc. (Company) (Nasdaq: ACTN), the leader in the design, marketing, promotion, and distribution of licensed motorsports merchandise, today announced the election of three outside directors to effectively expand board membership to nine, including five outside members.

The newly-elected directors are Herbert M. Baum, William E. (Rick) Ray and Lowell L. Robertson.

Baum is chairman, president and CEO of The Dial Corporation, a large consumer goods company marketing a diversified line of consumer products under various major brand names. Prior to joining Dial in 2000, he was president and COO of Hasbro Inc. From 1993 to 1999 he was chairman and CEO of Quaker State Corporation. Baum spent the preceding 15 years at Campbell Soup Company in upper-management positions. Before joining Campbell Soup, he worked at Needham Harper & Steers advertising company. Baum sits on the board of other public companies and has served as board chairman of various organizations. He has received numerous awards and recognition from the American Marketing Association and was elected to the Sales and Marketing Executives International Hall of Fame in 1998. He holds a bachelors degree in business administration, with a major in finance, from Drake University.

Ray is a founding partner of NURAY Holdings, a diversified investment company based in Charlotte, N.C. Prior to establishing NURAY Holdings, Ray formed, and was chairman and CEO of, Raycom Media, the largest independent producer of television sports programming. In the 80s and 90s, Ray's innovative business strategies and market savvy enabled Raycom to quickly build a nationwide network for distributing sports programming, including college basketball and college football games. Distribution of professional baseball and football games soon followed. Also while at Raycom, in the early 1980s, Ray acquired the television rights to broadcast over a dozen NASCAR races. This early but clearly insightful coverage of NASCAR racing became the core of ESPN's schedule of televised events. He earned a bachelors degree in communications media (radio, TV, motion pictures) from the University of North Carolina in Chapel Hill, N.C., and did post-graduate work in business management at Harvard University.

Robertson is a retired senior partner with Deloitte & Touche and a CPA with over 37 years of accounting and audit experience. He was senior vice president and controller for The Dial Corporation from 1996 through 1997, having managed Dial's spinoff from its parent company during the second quarter of 1996. While at Deloitte, Robertson was the senior audit partner for major NYSE clients. He was also the managing partner for several Deloitte offices. Robertson earned a BSC (with highest distinction) from State University of Iowa and graduated summa cum laude.

Commenting on the new directors, Fred Wagenhals, Action Performance chairman, president and CEO, said: "We are pleased with the breadth and depth of experience our new directors bring to Action Performance Companies. Brand management, innovation and marketing are directly related to Action's core business and growth strategy. Sports programming and media coverage significantly impact the effectiveness of Action's marketing and promotional strategies and, therefore, its business opportunities. Accounting and audit oversight plays an important role in continuing to ensure that Action's financial progress toward profitability is maintained with the highest integrity.

"In summary," Wagenhals continued, "these highly-qualified, senior-level professionals add considerable strength to the Company in key areas which we anticipate will contribute meaningfully to Action's continued growth and success in achieving its corporate and business objectives."

Wagenhals added: "Robert Manschot has resigned due to other business commitments. We appreciate Bob's valuable contributions and wish him well in his endeavors. Paul Lang, who resides in Germany, resigned as the result of logistical and scheduling conflicts but remains as managing director of our subsidiary in Germany."

About Action Performance:

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. The Company markets and distributes products through a variety of channels, including trackside at racing events, a worldwide network of wholesale distributors and specialty dealers, QVC, the Racing Collectables Club of America (RCCA), goracing.com, and mass retail department stores and chains.

This news release contains forward-looking statements regarding the Company's growth strategy, business objectives and financial results. The Company's actual results could differ materially from those set forth in the forward-looking statements. Factors that might cause such differences include, among others, competitive pressures, acceptance of the Company's products and services in the marketplace, the success of new marketing programs, the Company's ability to successfully execute its restructuring, and other risks discussed in the Company's Form 10-K dated Sept. 30, 2000, on file with the U.S. Securities and Exchange Commission.