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CRAGAR Establishes New Credit Facility With NationsCredit Commercial Funding, a NationsBank Company

23 April 1998

CRAGAR Establishes New Credit Facility With NationsCredit Commercial Funding, a NationsBank Company

    PHOENIX, April 23 -- CRAGAR Industries, Inc.
has secured an $8.5 million credit facility with NationsCredit Commercial
Funding, a NationsBank Company.  The arrangement combines both term and
revolving loans.
    Upon closing, Michael L. Hartzmark, President and CEO of CRAGAR, remarked,
"This is an important day for CRAGAR.  With the increased cash availability to
CRAGAR we will be able to jump start the many programs we had initiated prior
to the bankruptcy of our principal customer, Super Shops, Inc., in September
1997.  We have new products, new marketing approaches and new customers to
service.  It's been difficult over the past few months knowing we have some
wonderful opportunities, but also feeling the impact of cash constraints.
With NationsCredit, we have a strong financial partner which we believe will
provide to CRAGAR the banking services necessary for us to grow our business."
    CRAGAR Industries, Inc. is an international designer, producer, and seller
of custom wheels and wheel accessories for cars, trucks, vans, sport utility
vehicles, racing vehicles, and motorcycles.
    For additional information, contact Michael L. Hartzmark, President and
CEO, 602-247-1300.  Internet address:  http://www.prnewswire.com/cnoc.  To
obtain hard copies, call Fax-On-Demand at 800-758-5804.
    This release includes statements which may constitute forward-looking
statements made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995.  Forward-looking statements are
inherently subject to risks and uncertainties, some of which cannot be
predicted or quantified. Future events and actual results could differ
materially from those set forth in, contemplated by, or underlying the
forward-looking statements.  Please refer to the Risk Factors in the Company's
filings with the Securities and Exchange Commission which identify certain
important factors that could cause the actual results to differ materially
from those contained in our forward-looking statements.  These factors
include, but are not limited to, the bankruptcy of the Company's primary
customer, dependence on external financing, product availability, market
conditions, as well as general economic conditions.

SOURCE  CRAGAR Industries, Inc.