<PAGE>

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


                                  SCHEDULE 13G



                   Under the Securities Exchange Act of 1934*


                      Action Performance Companies, Inc.
--------------------------------------------------------------------------------
                                (Name of Issuer)

                                 Common Stock
--------------------------------------------------------------------------------
                         (Title of Class of Securities)

                                   004933107
                        ------------------------------
                                 (CUSIP Number)

                               December 31, 2000
--------------------------------------------------------------------------------
            (Date of Event Which Requires Filing of this Statement)


Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:

     [X] Rule 13d-1(b)

     [_] Rule 13d-1(c)

     [_] Rule 13d-1(d)


*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter the
disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).



                               Page 1 of 4 Pages



<PAGE>
   CUSIP NO.004933107
           ---------
                                      13G

------------------------------------------------------------------------------
      NAMES OF REPORTING PERSONS.
 1    I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS

      Barrow, Hanley, Mewhinney & Strauss, Inc.    752403190

------------------------------------------------------------------------------
      CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
 2                                                              (a) [_]
                                                                (b) [_]

------------------------------------------------------------------------------
      SEC USE ONLY
 3


------------------------------------------------------------------------------
      CITIZENSHIP OR PLACE OF ORGANIZATION
 4
      A Nevada corporation

------------------------------------------------------------------------------
                          SOLE VOTING POWER
                     5
     NUMBER OF             shares

      SHARES       -----------------------------------------------------------
                          SHARED VOTING POWER
   BENEFICIALLY      6
                           shares
     OWNED BY
                   -----------------------------------------------------------
       EACH               SOLE DISPOSITIVE POWER
                     7
    REPORTING              shares

      PERSON       -----------------------------------------------------------
                          SHARED DISPOSITIVE POWER
       WITH          8
                          ----
------------------------------------------------------------------------------
      AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 9
       shares
------------------------------------------------------------------------------
      CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
10    (See Instructions)
                                                                    [_]

------------------------------------------------------------------------------
      PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
11


------------------------------------------------------------------------------
      TYPE OF REPORTING PERSON (See Instructions)
12
      IA

------------------------------------------------------------------------------


                               Page 2 of 4 Pages






<PAGE>

         SCHEDULE 13G
         ------------

Item 1

     (a) Name of Issuer
         Action Performance Companies, Inc.

     (b) Address of Issuer's Principal Executive Offices
         4707 E. Baseline Road
         Phoenix, AZ 85040

Item 2

     (a) Name of Person Filing
         Barrow, Hanley, Mewhinney & Strauss, Inc.

     (b) Address of Principal Business Office or, if none, Residence
         One McKinney Plaza
         3232 McKinney Avenue, 15th Floor
         Dallas, TX 75204-2429

     (c) Citizenship
         A Nevada corporation

     (d) Title of Class of Securities
         Common Stock

     (e) CUSIP Number
         004933107

Item 3. If this statement is filed pursuant to Rules 13d-1(b), or 13d-2(b):
        The reporting person is an Investment Adviser registered under Section
        203 of the Investment Advisers Act of 1940.

Item 4. Ownership.

     (a)  Amount beneficially owned:
           shares

     (b)  Percent of class:


     (c)  Number of shares as to which the person has:

          (i)   Sole power to vote or to direct the vote
                 shares


                               Page 3 of 4 Pages


<PAGE>


          (ii)  Shared power to vote or to direct the vote
                        shares

          (iii) Sole power to dispose or to direct the disposition of
                          shares

          (iv)  Shared power to dispose or to direct the disposition of
                ----

Item 5.  Ownership of Five Percent or Less of a Class:
         If this statement is being filed to report the fact that as of the date
         hereof the reporting person has ceased to be the beneficial owner of
         more than five percent of the class of securities, check the following:
         [X]

Item 6.  Ownership of More than Five Percent on Behalf of Another Person:
         The right to receive or the power to direct the receipt of dividends
         from, or the proceeds from the sale of, the common stock is held by
         certain clients of the reporting person, none of which has such right
         or power with respect to five percent or more of the common stock.

Item 7.  Identification and Classification of the Subsidiary which Acquired the
         Security Being Reported on by the Parent Holding Company:
         Not Applicable.

Item 8.  Identification and Classification of Members of the Group:
         Not Applicable.

Item 9.  Notice of Dissolution of Group
         Not Applicable.

Item 10. Certification

               By signing below the undersigned certifies that, to the best of
               its knowledge and belief, the securities referred to above were
               acquired in the ordinary course of business and were not acquired
               for the purpose of and do not have the effect of changing or
               influencing the control of the issuer of such securities and were
               not acquired in connection with or as a participant in any
               transaction having such purpose or effect.

     After reasonable inquiry and to the best of its knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.


                                      BARROW, HANLEY, MEWHINNEY &
                                      STRAUSS, INC.


                                      By:  /s/ James P. Barrow
                                           ------------------------
                                           Name:  James P. Barrow
                                           Title: President



February 8, 2002
         -

                               Page 4 of 4 Pages



