Bob Dods, Chairman and Chief Executive Officer said, "I am extremely proud of the Racing Champions management team and their many contributions in what is proving to be a very successful 2001 year for our Company. Peter Henseler, our President and Curt Stoelting, our Chief Operating Officer have continued to provide strong leadership. We also have improved the quality of our management team with some key additions and promotions. Our dedicated management team across our worldwide offices is committed to growing Racing Champions' position as a leading producer and marketer in the collectibles and toy industry."

Jody Taylor has been promoted to Chief Financial Officer and Secretary. Ms. Taylor has been with Racing Champions since 1996, having served previously as Controller and most recently as Senior Vice President of Finance. Ms. Taylor was previously employed at Arthur Andersen LLP and is a Certified Public Accountant.

During 2001, Eric Meyer joined the Company as Vice President of Sales. Mr. Meyer has extensive experience in the collectibles and toy industry and has sales management experience with a number of companies. He was most recently a principal in a sales representative organization focused on the toy industry in both the mass retail and specialty store channels.

Also during 2001, Steve Coble has been promoted to Vice President of Sales -- National Accounts. Mr. Coble has over 12 years experience with Racing Champions Ertl and has worked in the industry since 1978 focused primarily on mass retail chain stores.

Bob Bove has been promoted to Managing Director of the Company's Racing Champions South subsidiary. Mr. Bove, who has been with Racing Champions since 1997, has over 10 years experience in the sports collectibles and trading card industry.

Greg Miller has recently joined the Company as the Preschool and Boys' Group Team Leader. Mr. Miller has nearly 20 years of previous product development and management experience with highly recognized companies like Little Tikes and Hasbro.

The Company also has aligned its Group Team Leaders to better focus on its customers. In addition to Greg Miller, Group Team Leaders include Dell Torgerson, Men's Automotive and Hobby; Bill Walters, Men's Agriculture, Construction and Outdoor Sports; Dawn Oelke, Corporate Custom & Premiums; Tom Farrell, Sports Collectibles and Harold Green, Trackside & Event Concessions.

Founded in 1989, Racing Champions (www.rcertl.com) is a leading producer and marketer of innovative collectibles and toys sold in multiple channels of distribution and available at more than 20,000 retail outlets. The Company sells American Muscletm collectible die-cast vehicle replicas, NASCAR and NHRA die-cast racing replicas, officially licensed die-cast and preschool products based on automobiles, trucks, agricultural, heavy equipment and powered-recreational and sport vehicles under the Ertl� brand, AMT(tm) model kits, Press Pass� trading cards and NASCAR souvenirs and apparel. High-profile licensing partners include NASCAR, NHRA, John Deere, Case, Polaris, Honda, Caterpillar, Ford, GM, Chrysler, Texaco and Warner Brothers.

Forward-looking statements in this release are inherently subject to many uncertainties in the Company's operations and business environment. These uncertainties include but are not limited to general economic conditions, demand for the Company's products, competition, availability of certain licensed properties and costs of operations. Such uncertainties and other operational matters are discussed further in the Company's quarterly and annual filings with the Securities and Exchange Commission.