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EXHIBIT 21

LIST OF SUBSIDIARIES OF
ACTION PERFORMANCE COMPANIES, INC.
(as of December 12, 2001)

|                                             |  |                  |               
|-------------------------------------------- |  | ---------------- | --------------
|                                             |  | State or Country
|                                             |  | of Incorporation
|Name of Subsidiary                           |  | or Organization 
|                                             |  |                 
|Action Corporate Services, Inc.              |  |                  | Arizona       
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|Action Performance Holdings GmbH             |  |                  | Germany       
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|Action Racing Collectables, Inc.             |  |                  | Arizona       
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|Action Sports Image, L.L.C                   |  |                  | Arizona       
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|APC Europe GmbH (1)                          |  |                  | Germany       
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|APC Minichamps GmbH (1)                      |  |                  | Germany       
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|AW Acquisition, Inc.                         |  |                  | Arizona       
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|Castaway Collectables, L.L.C. (2)            |  |                  | Arizona       
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|Chase Racewear, L.L.C. (2)                   |  |                  | North Carolina
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|Creative Marketing & Promotions, Inc.        |  |                  | North Carolina
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|Danhausen GmbH (5)                           |  |                  | Germany       
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|goracing.com, inc                            |  |                  | Arizona       
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|goracing Interactive Services, Inc.(4)       |  |                  | Arizona       
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|Minichamps GmbH& Co. KG (7)                  |  |                  | Germany       
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|Minichamps North America, Incorporated(7)    |  |                  | Florida       
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|Pauls Model Art GmbH & CoKG (8)             |  |                  | Germany       
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|Performance Plus Nutritional, L.L.C. (3)     |  |                  | Delaware      
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|RYP, Inc.                                    |  |                  | North Carolina
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|Racing Collectables Club of America, Inc.(6) |  |                  | Arizona       
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|The Fan Club Company, L.L.C.(4)              |  |                  | Arizona       



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|(1) |  | wholly owned subsidiary of Action Performance Holdings GmbH         
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|(2) |  | 80% owned subsidiary of Action Performance Companies, Inc.          
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|(3) |  | 58% owned subsidiary of Action Performance Companies, Inc.          
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|(4) |  | wholly owned subsidiary of Racing Collectables Club of America, Inc.
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|(5) |  | 80% owned subsidiary of Action Performance Holding GmbH             
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|(6) |  | wholly owned subsidiary of goracing.com, inc.                       
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|(7) |  | wholly owned subsidiary of Pauls Model Art GmbH & CoKG             
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|(8) |  | 80% owned subsidiary of APC Europe GmbH