<PAGE>

                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                   FORM 10-QSB/A

[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
      ACT OF 1934

                For the Quarterly Period Ended September 30, 1999

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

                           Commission File No. 1-12559

                             CRAGAR INDUSTRIES, INC.
                 (Name of small business issuer in its charter)

             DELAWARE                                    86-0721001
  (State or other jurisdiction                       (I.R.S. Employer
of incorporation or organization)                   Identification No.)

                 4636 NORTH 43RD AVENUE, PHOENIX, ARIZONA 85031
                    (Address of principal executive offices)

                                 (623) 247-1300
                           (Issuer's telephone number)

         Check whether the issuer (1) filed all reports required to be filed by
Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such
shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days.
Yes [X] No [ ]

Number of shares of common stock, $.01 par value, outstanding as of April 27,
2000: 2.46 million.

Transitional small business disclosure format. Yes [ ] No [X]

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     ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K

       (a) Exhibits
        EXHIBIT NO.        DESCRIPTION
      -------------        -----------
         3.1*              Second Amended and Restated Certificate of
                           Incorporation of the Registrant filed with the State
                           of Delaware on October 1, 1996

         3.2*              Amended and Restated Bylaws of the Registrant

        10.1+              Agreement of Purchase and Sale of Assets by and
                           between Cragar Industries, Inc. and Carlisle Tire and
                           Wheel Co.

        10.2+              Exclusive Field of Use License Agreement by and
                           between Cragar Industries, Inc. and Carlisle Tire and
                           Wheel Co.

        10.3+              Agreement of Purchase and Sale of Assets by and
                           between Cragar Industries, Inc. and Weld Racing, Inc.

        10.4+              Exclusive Field of Use License Agreement by and
                           between Cragar Industries, Inc. and Weld Racing, Inc.

        11++               Schedule of Computation of Earnings per Share

        27.1++             1999 Financial Data Schedule for the Three and Nine
                           Months Ended September 30, 1999

       (b)                 Reports on Form 8-K

                           None

------------------
*  - Incorporated by reference to the Company's Registration Statement on
     Form SB-2 (No. 333-13415).

+  - Filed herewith

++ - Previously filed with the Company's 10-QSB on November 15, 1999.


                                   SIGNATURES

          Pursuant to the requirements of the Securities Exchange Act of 1934,
     the Company has duly caused this report to be signed on its behalf by the
     undersigned thereunto duly authorized.

                             CRAGAR INDUSTRIES, INC.

     Dated:  April 27, 2000                      By: /s/MICHAEL L. HARTZMARK
             --------------                         ---------------------------
                                                 Michael L. Hartzmark
                                                 President and CEO

     Dated:  April 27, 2000                      By: /s/RICHARD P. FRANKE
             --------------                         ---------------------------
                                                 Richard P. Franke
                                                 Chief Financial Officer
                                                 (Principal Financial and
                                                  Accounting Officer)


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