UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549


                                    FORM 8-K


                                 CURRENT REPORT
     PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934



    Date of Report (Date of earliest event reported): July 23, 2003



                      CHAMPIONSHIP AUTO RACING TEAMS, INC.
             (Exact name of registrant as specified in its charter)



Delaware                          1-13925                       38-3389456
(State or other                 (Commission                    (IRS Employer
jurisdiction of                 File Number)                 Identification No.)
incorporation)



                         5350 Lakeview Parkway South Dr.
                             Indianapolis, IN 46268
             (Address of principal executive offices, with zip code)



       Registrant's telephone number, including area code: (317) 715-4100





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ITEM 9. REGULATION FD DISCLOSURE

     On July 23, 2003, Championship Auto Racing Teams, Inc. (the "Company")
reported its updated annual guidance for 2003. The information in this Current
Report on Form 8-K, including the exhibit, shall not be deemed to be
incorporated by reference into the Company's filings with the SEC under the
Securities Act of 1933.

Exhibit.

The following exhibit is furnished as part of this Report:

Exhibit         Description
-------         -----------
99.1            Press release dated July 23, 2003


                                   SIGNATURES



     Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized on this 23rd day of July, 2003.


                                    CHAMPIONSHIP AUTO RACING TEAMS, INC.


                                    By:  /s/ Thomas L. Carter
                                       -----------------------------------------
                                         Thomas L. Carter,
                                         Chief Financial Officer










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