<PAGE>   1
      As filed with the Securities and Exchange Commission on July 15, 1999
                                                           Registration No. 333-

                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM S-8
                             REGISTRATION STATEMENT
                                      Under
                           The Securities Act of 1933

                       ACTION PERFORMANCE COMPANIES, INC.
             (Exact name of Registrant as specified in its charter)


             Arizona                                           86-0704792
  (State or Other Jurisdiction                              (I.R.S. Employer
of Incorporation or Organization)                        Identification Number)

                             4707 East Baseline Road
                             Phoenix, Arizona 85040
               (Address of Principal Executive Offices)(Zip Code)

                       ACTION PERFORMANCE COMPANIES, INC.
                        1999 Employee Stock Purchase Plan
                            (Full Title of the Plan)

                                Fred W. Wagenhals
                        Chairman of the Board, President,
                           and Chief Executive Officer
                       ACTION PERFORMANCE COMPANIES, INC.
                 4707 East Baseline Road, Phoenix, Arizona 85040
                                 (602) 337-3700
           (Name, Address, and Telephone Number, Including Area Code,
                             of Agent for Service)


This Registration Statement shall become effective immediately upon filing with
the Securities and Exchange Commission, and sales of the registered securities
will begin as soon as reasonably practicable after such effective date.

                         CALCULATION OF REGISTRATION FEE
<TABLE>
<CAPTION>
==================================================================================================================================
                                                                  PROPOSED MAXIMUM         PROPOSED MAXIMUM
      TITLE OF SECURITIES TO BE             AMOUNT TO BE         OFFERING PRICE PER       AGGREGATE OFFERING          AMOUNT OF
              REGISTERED                    REGISTERED(1)              SHARE                    PRICE             REGISTRATION FEE
==================================================================================================================================
<S>                                        <C>                   <C>                      <C>                     <C>
             Common Stock                  500,000 Shares           $   35.00(2)            $  17,500,000        $  4,865.00
==================================================================================================================================
</TABLE>

(1)   This Registration Statement shall also cover any additional shares of
      Common Stock which become issuable under the 1999 Employee Stock Purchase
      Plan by reason of any stock dividend, stock split, recapitalization or any
      other similar transaction without receipt of consideration which results
      in an increase in the number of outstanding shares of Common Stock of
      Action Performance Companies, Inc.

(2)   Calculated for purposes of this offering under Rule 457(h) and Rule
      457(c) of the Securities Act of 1933, as amended, using the average of
      the high and low sales prices for the Common Stock of Action Performance
      Companies, Inc. on July 7, 1999, as reported on the Nasdaq National
      Market.
<PAGE>   2
                                     PART II

               INFORMATION REQUIRED IN THE REGISTRATION STATEMENT

Item 3.           Incorporation of Documents by Reference

                  Action Performance Companies, Inc. (the "Registrant") hereby
incorporates by reference into this Registration Statement the following
documents previously filed with the Securities and Exchange Commission (the
"Commission"):

         (a)      The Registrant's latest annual report filed pursuant to
                  Section 13(a) or 15(d) of the Securities Exchange Act of 1934,
                  as amended (the "1934 Act"), or the latest prospectus filed
                  pursuant to the Securities Act of 1933, as amended (the
                  "Securities Act"), that contains audited financial statements
                  for the Registrant's latest fiscal year for which such
                  statements have been filed;

         (b)      All other reports filed pursuant to Section 13(a) or 15(d) of
                  the 1934 Act since the end of the fiscal year covered by the
                  document referred to in (a) above; and

         (c)      The description of the Registrant's Common Stock contained in
                  the Registrant's Registration Statement on Form 8-A/A (File
                  No. 001-11866) filed with the Commission on June 14, 1995.

                  All reports and definitive proxy or information statements
filed pursuant to Section 13(a), 13(c), 14 or 15(d) of the 1934 Act after the
date of this Registration Statement and prior to the filing of a post-effective
amendment which indicates that all securities offered hereby have been sold or
which deregisters all securities then remaining unsold, shall be deemed to be
incorporated by reference into this Registration Statement and to be a part
hereof from the date of filing of such documents.

Item 4.           Description of Securities

                  Not applicable.

Item 5.           Interests of Named Experts and Counsel

                  The firm of O'Connor, Cavanagh, Anderson, Killingsworth &
Beshears, a professional association, Phoenix, Arizona, has acted as counsel for
the Registrant in the preparation of this Registration Statement. As of July 14,
1999, certain members of such firm beneficially owned a total of 14,000 shares
of the Registrant's Common Stock.

Item 6.           Indemnification of Directors and Officers

                  The Registrant's Amended and Restated Articles of
Incorporation (the "Restated Articles") require the Registrant to indemnify and
advance expenses to any person who incurs liability or expense by reason of such
person acting as a director of the Corporation, to the fullest extent allowed by
the Arizona Business Corporation Act (the "Business Corporation Act"). This
indemnification is mandatory with respect to directors in all circumstances in
which indemnification is permitted by the Business Corporation Act, subject to
the requirements of the Business Corporation Act. In addition, the Registrant
may, in its sole discretion, indemnify and advance expenses, to the fullest
extent allowed by the Business Corporation Act, to any person who incurs
liability or expense by reason of such person acting as an officer, employee or
agent of the Registrant, except where indemnification is mandatory pursuant to
the Business Corporation Act, in which case the Registrant is required to
indemnify to the fullest extent required by the Business Corporation Act. The
effect of these provisions is described below.

                                      II.1
<PAGE>   3
Required Indemnification

         The Restated Articles and the Business Corporation Act require the
Registrant to indemnify all "Outside Directors," as defined below, and officers
of the Registrant who are not directors against "liability," as defined below.
The Restated Articles and the Business Corporation Act also require the
Registrant to indemnify against reasonable "expenses," as defined below, any
director who is the prevailing party in the defense of any proceeding to which
the director is a party because such person is or was a director of the
Registrant. In addition, the Business Corporation Act requires the Registrant to
pay expenses to Outside Directors in advance of a final disposition of the
proceeding if (1) the director furnishes to the Registrant a written affirmation
(an "Affirmation") of his or her good faith belief that (i) his or her conduct
was in good faith, (ii) he or she reasonably believed that the conduct was in
the best interests of the Registrant or at least not opposed to the Registrant's
best interests, and (iii) in the case of any criminal proceeding, he or she had
no reasonable cause to believe the conduct was unlawful (the "Standard of
Conduct"), and (2) the director provides the Registrant with a written
undertaking (an "Undertaking") to repay the advance if it ultimately is
determined that the director did not meet the Standard of Conduct. However, the
Business Corporation Act prohibits the Registrant from advancing expenses to an
Outside Director if a court determines before payment that the director failed
to meet the Standard of Conduct and a court does not otherwise authorize
indemnification.

         The Restated Articles and the Business Corporation Act also require the
Registrant to indemnify a director who is not an Outside Director against
liability, but only if the Registrant is authorized in the specific case after a
determination has been made by either (a) a majority of the members of the Board
of Directors who are not at the time parties to the proceeding, (b) special
legal counsel, or (c) the shareholders of the Registrant (excluding shares owned
by or voted under the control of directors who are at the time parties to the
proceeding) that the director has met the Standard of Conduct (a
"Determination"). In addition, the Business Corporation Act prohibits the
Registrant from indemnifying a director who is not an Outside Director in
connection with a proceeding by or in the right of the Registrant in which the
director is adjudged liable to the Registrant, or in connection with a
proceeding in which the director was adjudged liable on the basis that the
director improperly received a personal benefit. As permitted by the Business
Corporation Act, the Restated Articles also require the Registrant to pay for or
reimburse the reasonable expenses of a director who is not an Outside Director
in advance of the final disposition of a proceeding if the director furnishes
the Registrant with an Affirmation, an Undertaking, and a Determination is made
that the facts then known to the persons making the Determination would not
preclude indemnification under the Business Corporation Act.

Optional Indemnification

         Except for situations where the Registrant is required to indemnify its
officers who are not also directors against liability, as described above, the
Restated Articles and the Business Corporation Act permit the Registrant, in its
sole discretion, to indemnify against liability and advance expenses to any
officer, employee, or agent who is not a director to the same extent as to a
director. However, the Business Corporation Act prohibits the Registrant from
indemnifying such persons against liability unless a Determination is made that
indemnification is permissible because the person has met the Standard of
Conduct. The Business Corporation Act permits the Registrant to pay for or
reimburse expenses to an officer, employee, or agent who is not a director in
advance of a final disposition of the proceeding, but only if the person
furnishes to the Registrant an Affirmation and an Undertaking, and a
Determination is made that the facts then known to the persons making the
Determination would not otherwise preclude indemnification.

Court Ordered Indemnification

         The Restated Articles and the Business Corporation Act permit a
director or officer of the Registrant to apply to a court for indemnification,
in which case the court may, subject to certain conditions, order the Registrant
to indemnify such person for part or all of the person's liability and expenses.

                                      II.2
<PAGE>   4
Definitions

         The Business Corporation Act defines "Outside Director" to mean a
director who, when serving as a director, was not an officer, employee or holder
of more than 5% of the outstanding shares of any class of stock of the
Registrant. "Liability" under the Business Corporation Act means the obligation
to pay a judgment, settlement, penalty or fine, including an excise tax assessed
with respect to an employee benefit plan, or reasonable expenses incurred with
respect to a proceeding and includes obligations and expenses that have not yet
been paid by the indemnified person but that have been or may be incurred. The
Business Corporation Act defines "expenses" as attorney fees and all other costs
and expenses reasonably related to a proceeding.

Item 7.           Exemption from Registration Claimed

                  Not applicable.

Item 8.           Exhibits

<TABLE>
<CAPTION>
Exhibit
Number     Exhibit
------     -------
<S>        <C>
5          Opinion and consent of O'Connor, Cavanagh, Anderson, Killingsworth
           & Beshears, a professional association
10.56      1999 Employee Stock Purchase Plan
23.1       Consent of O'Connor, Cavanagh, Anderson, Killingsworth & Beshears,
           P.A. is contained in Exhibit 5
23.2       Consent of Independent Public Accountants - Arthur Andersen LLP
24         Power of Attorney (included on signature page of this Registration
           Statement)
</TABLE>

Item 9.           Undertakings

                  A.  The undersigned Registrant hereby undertakes:

                       (1) To file, during any period in which offers or sales
are being made, a post-effective amendment to this registration statement to
include any material information with respect to the plan of distribution not
previously disclosed in the registration statement or any material change to
such information in the registration statement.

                       (2) That, for the purpose of determining any liability
under the Securities Act of 1933, each such post-effective amendment shall be
deemed to be a new registration statement relating to the securities offered
therein, and the offering of such securities at that time shall be deemed to be
the initial bona fide offering thereof.

                       (3) To remove from registration by means of a
post-effective amendment any of the securities being registered which remain
unsold at the termination of the offering.

                  B. The undersigned Registrant hereby undertakes that, for
purposes of determining any liability under the Securities Act of 1933, each
filing of the Registrant's annual report pursuant to Section 13(a) or Section
15(d) of the Securities Exchange Act of 1934 that is incorporated by reference
into the registration statement shall be deemed to be a new registration
statement relating to the securities offered therein, and the offering of such
securities at that time shall be deemed to be the initial bona fide offering
thereof.

                  C. Insofar as indemnification for liabilities arising under
the Securities Act of 1933 may be permitted to directors, officers or
controlling persons of the Registrant pursuant to the foregoing provisions, or
otherwise, the Registrant has been advised that in the opinion of the Securities
and Exchange Commission such indemnification is against public policy as
expressed in the Securities Act and is, therefore, unenforceable. In the

                                      II.3
<PAGE>   5
event that a claim for indemnification against such liabilities (other than the
payment by the Registrant of expenses incurred or paid by a director, officer or
controlling person of the Registrant in the successful defense of any action,
suit or proceeding) is asserted by such director, officer or controlling person
in connection with the securities being registered, the Registrant will, unless
in the opinion of its counsel the matter has been settled by controlling
precedent, submit to a court of appropriate jurisdiction the question whether
such indemnification by it is against public policy as expressed in the
Securities Act and will be governed by the final adjudication of such issue.

                                      II.4
<PAGE>   6
                                   SIGNATURES

                  Pursuant to the requirements of the Securities Act of 1933,
the Registrant certifies that it has reasonable grounds to believe that it meets
all of the requirements for filing on Form S-8 and has duly caused this
registration statement to be signed on its behalf by the undersigned, thereunto
duly authorized, in the City of Phoenix, State of Arizona, on this 7th day of
July, 1999.

                                ACTION PERFORMANCE COMPANIES, INC.


                                By: /s/ Fred W. Wagenhals
                                    -------------------------------------------
                                    Fred W. Wagenhals, Chairman of the Board,
                                    President, and Chief Executive Officer
                                    (Principal Executive Officer)

                                POWER OF ATTORNEY

                  KNOW ALL PERSONS BY THESE PRESENTS, that each person whose
signature appears below constitutes and appoints jointly and severally, Fred W.
Wagenhals and Christopher S. Besing and each of them, as his true and lawful
attorney-in-fact and agents, with full power of substitution and resubstitution,
for him and in his name, place and stead, in any and all capacities, to sign any
and all amendments (including post-effective amendments) to this Registration
Statement, and to file the same, with all exhibits thereto, and other documents
in connection therewith, with the Securities and Exchange Commission, granting
unto said attorneys-in-fact and agents, and each of them, full power and
authority to do and perform each and every act and thing requisite and necessary
to be done in connection therewith, as fully to all intents and purposes as he
might or could do in person, hereby ratifying and confirming all that said
attorneys-in-fact and agents, or any of them, or their or his substitute or
substitutes, may lawfully do or cause to be done by virtue hereof.

                  Pursuant to the requirements of the Securities Act of 1933,
this Registration Statement has been signed by the following persons in the
capacities and on the dates indicated:

<TABLE>
<CAPTION>
            SIGNATURE                                         POSITION                                   DATE
            ---------                                         --------                                   ----
<S>                                     <C>                                                            <C>
/s/ Fred W. Wagenhals                   Chairman of the Board, President, and                          July 7, 1999
------------------------------------      Chief Executive Officer (Principal Executive Officer)
Fred W. Wagenhals

/s/ Tod J. Wagenhals                    Executive Vice President, Secretary, and Director              July 7, 1999
------------------------------------
Tod J. Wagenhals

/s/ Christopher S. Besing               Vice President, Chief Financial Officer, Treasurer, and        July 7, 1999
------------------------------------      Director (Principal Financial Officer)
Christopher S. Besing

/s/ David A. Husband                    Vice President - Finance and Accounting and Chief              July 7, 1999
------------------------------------      Accounting Officer (Principal Accounting Officer)
David A. Husband

/s/ Melodee L. Volosin                  Vice President - Wholesale Division and Director               July 7, 1999
------------------------------------
Melodee L. Volosin

/s/ John S. Bickford, Sr.               Vice President - Strategic Alliances and Director              July 7, 1999
------------------------------------
John S. Bickford, Sr.
</TABLE>

                                      II.5
<PAGE>   7
<TABLE>
<CAPTION>
<S>                                     <C>                                                            <C>
/s/ Paul G. Lang                        Managing Director of MiniChamps and Director                   July 7, 1999
------------------------------------
Paul G. Lang

/s/ Jack M. Lloyd                       Director                                                       July 7, 1999
------------------------------------
Jack M. Lloyd

/s/ Robert H. Manschot                  Director                                                       July 7, 1999
------------------------------------
Robert H. Manschot

/s/ Edward J. Bauman                    Director                                                       July 7, 1999
------------------------------------
Edward J. Bauman

------------------------------------    Director                                                       July __, 1999
Gregory W. Penske
</TABLE>

                                      II.6
<PAGE>   8
                                 EXHIBIT INDEX
                                 -------------
<TABLE>
<CAPTION>

EXHIBIT
NUMBER    EXHIBIT
<S>       <C>
5         Opinion and consent of O'Connor, Cavanagh, Anderson, Killingsworth &
          Beshears, a professional association
10.56     1999 Employee Stock Purchase Plan
23.1      Consent of O'Connor, Cavanagh, Anderson, Killingsworth & Beshears,
          P.A. is contained in Exhibit 5
23.2      Consent of Independent Public Accountants -- Arthur Andersen LLP
24        Power of Attorney (included on signature page of this Registration
          Statement)

</TABLE>