<PAGE>
 
                      SECURITIES AND EXCHANGE COMMISSION 
                             Washington, D.C. 20549
    
                                  FORM 10-K/A     

               [X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)
                     OF THE SECURITIES EXCHANGE ACT OF 1934
                  FOR THE FISCAL YEAR ENDED DECEMBER 31, 1998

             [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
                     OF THE SECURITIES EXCHANGE ACT OF 1934
                   For the Transition Period from ___ to ___

                         Commission file number 0-23808

                             METROTRANS CORPORATION
              (Exact name of Company as specified in its charter)

        Georgia                                              58-1393777
(State of incorporation)                (I.R.S. Employer Identification Number)

                 777 Greenbelt Parkway, Griffin, Georgia 30223
          (Address of principal executive offices, including zip code)

                                 (770) 229-5995
              (Registrant's telephone number, including area code)

       Securities registered pursuant to Section 12(b) of the Act:  None

 Securities registered pursuant to Section 12(g) of the Act: Common Stock, $.01
                                   par value

Indicate by check mark whether the Company (1) has filed all reports required to
be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the Company was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.  Yes X   No ____
                                        -          

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405
of Regulation S-K is not contained herein, and will not be contained, to the
best of the Company's knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-K or any amendment to this
Form 10-K. X
           -

The aggregate market value of the Company's outstanding Common Stock held by 
non-affiliates of the Company on March 31, 1999 was $ 4,414,862. There were 
4,129,737 shares of Common Stock outstanding as of March 31, 1999.
 
                      DOCUMENTS INCORPORATED BY REFERENCE

  Portions of the Registrant's Proxy Statement for the 1999 Annual Meeting of
     Stockholders are incorporated by reference in Parts I and III hereof.
     Pursuant to General Instruction G (3) of Form 10-K, the Registrant
   will file the definitive Proxy Statement with the Securities and Exchange
                   Commission no later than April 30, 1999.

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ITEM 6. SELECTED FINANCIAL DATA
--------------------------------

     The following selected financial data for and as of the end of each of the
years ended December 31, 1998, 1997, 1996, 1995, and 1994 are derived from the
financial statements of the Company, which financial statements have been
audited by Arthur Andersen LLP, independent public accountants.  The selected
financial data is qualified in its entirety by the more detailed information and
financial statements, including the notes thereto, included elsewhere in this
report.  The financial statements of the Company as of December 31, 1998 and
1997 and for each of the years in the three year period ended December 31, 1998,
and the report of Arthur Andersen LLP thereon, are included elsewhere in Item 8
of this report.
    
                                                 YEARS ENDED DECEMBER 31,
                                                 -------------------------
                                         1998     1997    1996   1995      1994
                                         ----     ----    ----   ----      ----
INCOME STATEMENT DATA:                                          
Net revenue..........................  $76,114  $80,132 $77,482 $64,027  $52,271
Cost of sales........................   69,026   66,153  62,814  50,914   42,494
                                       -------  ------- ------- -------  -------
                                                                
Gross profit.........................    7,088   13,979  14,668  13,113    9,777
Selling general, and administrative                             
 expenses............................   13,568    9,823   8,477   7,458    6,900
                                       -------  ------- ------- -------  -------
                                                                
Operating income (loss)..............   (6,480)   4,156   6,191   5,655    2,877
Other income.........................      803        0       0       0      105
Interest expense, net................    1,237    1,330     736     711      498
                                       -------  ------- ------- -------  -------
                                                                
Income before  income taxes (loss)...   (6,914)   2,826   5,455   4,944    2,379
Income tax provision (benefit)/1/....   (2,575)   1,109   2,136   1,914      920
                                       -------  ------- ------- -------  -------
                                                                
Net income (loss)....................  $(4,339) $ 1,717 $ 3,319 $ 3,030  $ 1,459
                                       -------  ------- ------- -------  -------
                                                                
Diluted weighted average number of                              
 shares/2/...........................    4,087    4,112   4,107   3,993    3,698
                                       -------  ------- ------- -------  -------
                                                                
Diluted net income per share.........    (1.06)   $0.42   $0.81   $0.76    $0.39
                                       -------  ------- ------- -------  -------
     
---------------------
/1/    The Company elected S Corporation status effective January 1, 1989. On
       May 31, 1994, the Company converted its status to a C Corporation and,
       accordingly, from June 1, 1994 has been subject to federal and state
       income taxes. Net income prior to June 1, 1994, includes federal and
       state income taxes as if the Company had been a C Corporation, based on
       the effective tax rates that would have been in effect during the periods
       reported.

/2/    The weighted average number of shares outstanding prior to the third
       quarter of 1994 gives effect to the estimated number of shares of Common
       Stock that would be required to be sold (at the initial public offering
       price of $8.50 per share) to fund a $4.5 million S Corporation
       distribution to the S Corporation stockholders.
    

                                                 YEARS ENDED DECEMBER 31,
                                                 -------------------------
                                  1998     1997     1996     1995     1994
                                  ----     ----     ----     ----     ----
BALANCE SHEET DATA:          
Working capital.............    $21,318  $23,292  $13,508  $11,214  $ 6,723
Total assets................     59,301   40,508   36,564   29,667   25,521
Long-term debt..............     16,076   11,945    2,719    3,727    4,122
Stockholders' equity........     14,891   19,029   17,096   13,663    9,637
                             
OTHER DATA:                  
Total units sold or leased..        927    1,168    1,284    1,117      982
     

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SIGNATURES
    
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange
Act of 1934, as amended, the Registrant has duly caused this Amendment No. 1 to
be signed on its behalf by the undersigned, thereunto duly authorized as of the
19th day of April, 1999.     

                                METROTRANS CORPORATION
                                (Company)



                                By/s/ Henry J. Murphy
                                ------------------------------------
                                Henry J. Murphy
                                Interim Chief Executive Officer
                                Principal Executive Officer


    
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended,
this Amendment No. 1 has been signed below by the following persons on behalf of
the Company and in the capacities indicated on April 19, 1999.     


                                 Chairman of the Board
-----------------------------
D. Michael Walden

/s/ Patrick L. Flinn             Director
-----------------------------                    
Patrick L. Flinn

/s/ William C. Pitt III          Director
-----------------------------           
William C. Pitt III

/s/ Terri B. Hobbs               Acting President
-----------------------------    (Principal Financial and Accounting Officer)
Terri B. Hobbs                           

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