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                                                                    EXHIBIT 7(8)

        SUMMARY OF SELECTION PROVISIONS OF PROPERTY SETTLEMENT AGREEMENT

      Following is a summary of salient provisions relating to the transfer,
voting rights and right of first refusal of Action Performance common stock
which are contained in the Property Settlement Agreement, dated January 10, 2005
between Fred W. Wagenhals and Lisa K. Wagenhals (the "Agreement").

      1.    Fred W. Wagenhals ("Husband") and/or Lisa K Wagenhals ("Wife") have
ownership interests by way of individual ownership, limited partnerships, family
trusts and possibly other entities of 1,813,600 shares of stock (the "Action
Shares") of Action Performance Companies, Inc., an NYSE listed Arizona
corporation ("Action").

      2.    Within fifteen (15) business days after the entry of the decree of
dissolution the 1,813,600 Action Shares shall be transferred and equally
distributed as follows: 906,800 Action Shares to Husband, and 906,800 Action
Shares to Wife. Husband and Wife shall retain their respective Action Shares as
his/her respective separate property, free and clear of any claim, right, title
or interest of the other party, except as to Husband's right of first refusal
and voting rights. Wife shall, within ten (10) business days from the execution
of the Agreement, execute and deliver to Husband a Right of First Refusal
Agreement and her proxy, satisfactory in form and substance to Husband. In
connection with the Right of First Refusal Agreement the Action Shares being
distributed to Wife shall be transferred directly into escrow with a mutually
agreeable escrow agent, pursuant to an escrow agreement which will be negotiated
and executed by the parties within ten (10) business days from the execution of
the Agreement. In the event the parties cannot mutually agree upon an escrow
agent, Wife's Action shares shall not be transferred to Wife until an escrow
agent to hold such shares on behalf of Wife has been determined. In the event of
disagreement, the selection of an escrow agent and terms of the

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escrow agreement shall be submitted forthwith to the American Arbitration
Association for binding arbitration. In consideration of the foregoing, so long
as Husband is the CEO of Action Performance and/or an officer in Action
Performance, Wife grants to Husband the sole and exclusive right to vote on
Wife's behalf or on behalf of any trusts and/or limited partnerships or any
other business or entity in which Wife is owner, member, trustee, beneficiary or
otherwise, all of the Action Shares, or shares of stock or evidence of ownership
in any successor entity to Action, transferred and/or distributed to Wife,
either directly or in trust or as stated above, pursuant to the Agreement in
accordance with the voting of her shares according to Husband's voting
instructions. Wife shall take no steps to interfere with or obstruct Husband's
right to vote such Action shares as provided for in the Agreement. If for any
reason Husband cannot directly vote all or some portion of Wife's Action Shares
Wife shall vote such Action Shares as directed by Husband.

      In the event Husband is not entitled to vote the Wife's Action shares on
Wife's behalf or on behalf of any trust and/or limited partnerships or any other
business or entity in which Wife is owner, member, trustee, beneficiary or
otherwise, because Husband is no longer CEO of Action Performance and/or an
officer in Action Performance, all voting rights of Wife in the Action shares
shall revert to the Wife and the above-referenced Right of First Refusal and
escrow agreements and Wife's proxy shall terminate. In the event Husband dies
while still entitled to vote on behalf of Wife any of Wife's Action shares, from
the date of Husband's death and thereafter Wife shall be entitled to vote Wife's
Actions shares.

      Unless requested by Husband in writing, Wife shall not attend any board
meetings or other corporate meetings of Action Performance..

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      3.    With respect to the division and transfer of the Action Shares, the
parties shall take any and all necessary action and execute any and all
necessary documents, individually and/or as trustees or otherwise, so as to
effectuate the division and transfer of Action Shares provided for by this
Agreement, including but not limited to their respective individual interests
and/or in their capacities as trustees and/or partners or otherwise relative to
any trusts or limited partnerships which they individually, or together,
controlled prior to the date of the Agreement. The parties shall act so as to
minimize any adverse tax impact thereon, and any resultant tax obligation
associated therewith so as to effect the distribution shall be equally shared by
Husband and Wife. The assignment, transfer and distribution of the Action Shares
as provided in above shall be accomplished within ten (10) days following the
date of the Agreement.

      4.    As it relates to Husband and/or Wife's interest in stock options:

            A.    If, as, and when benefits become payable to the Husband
pursuant to stock option plan(s) of Action for the stock options not yet
exercised, the Wife shall receive fifty percent (50%) interest in each of the
Husband's currently vested stock options limited solely to [581,610] options as
set forth in the Agreement, including any dividends, stock splits or other
benefits attributable to such options. Husband shall not be required to exercise
his fifty percent (50%) of the following stock options at any time and shall
determine in his sole discretion when to exercise his options independent of
when Wife would choose to exercise her fifty percent (50%) of the stock options.

      All of the Husband's current unvested and/or future stock options, as well
as any and all amounts due or benefits of any kind or nature in connection with
or Husband's employment agreement with Action or any other past, present or
future employment or any other consulting or

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other agreements to which Husband is a party, shall be retained by Husband as
his sole and separate property, free and clear of any right, claim or interest
of Wife.

            B.    Based on the parties' intent, the Wife's interest in the
options set forth in part A above will be paid to her as follows:

                  (1)   The Wife may exercise her fifty percent (50%) share of
            the above options at any time after the execution of the Agreement,
            subject to the provisions of the applicable stock option plan(s) and
            grants and/or availability thereof, and further subject to the Wife
            first paying over and/or otherwise causing the payment of the funds
            necessary to exercise said options.

                  (2)   The Wife may elect to receive benefits in the form of
            securities or cash as permitted under the plan(s) and/or grants.

                  (3)   Since the plan(s) will not make a direct payment to the
            Wife or her brokerage account, the Husband shall request such
            distribution upon receiving a written notice from the Wife. The
            Husband shall transfer the Wife's benefits to her or her brokerage
            account as she elects.

                  (4)   The Wife shall be designated as the Husband's
            beneficiary as to the Wife's fifty percent (50%) share of the
            Husband's options. The Husband shall make a beneficiary designation
            to the plan(s) for the Wife's share of said options. If the Wife
            dies prior to receiving all benefits assigned to the Wife under the
            plan(s) and the Wife has not named a beneficiary to the Wife's share
            of Husband's benefits, then the Wife's share of the Husband's
            benefits will be paid to the Wife's estate or to such named
            beneficiary as Wife shall have designated in writing at the earliest
            date permitted by the Plan(s).

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      If Husband's employment at Action is voluntarily terminated, he shall
provide Wife with a minimum of sixty (60) days actual, effective notice of such
termination. And, in the event Husband's employment with Action is involuntarily
terminated, he shall provide Wife with actual, effective notice of said
termination within five (5) days of his receipt of notice of termination.

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