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


                                  SCHEDULE 13G
                                 (Rule 13d-102)

 INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO RULES 13D-1(B)(C),
         AND (D) AND AMENDMENTS THERETO FILED PURSUANT TO RULE 13D-2(B)
                               (Amendment No. 1)*


                        ACTION PERFORMANCE COMPANIES, INC.
--------------------------------------------------------------------------------
                                (Name of Issuer)


                     Common Stock,  $.01 par value per share
--------------------------------------------------------------------------------
                         (Title of Class of Securities)

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





                                August 31, 2005
--------------------------------------------------------------------------------
             (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 (the "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>

-----------------------------                       ---------------------------
CUSIP No. 004933107                     13G           PAGE 2 OF 3 PAGES
-----------------------------                       ---------------------------

--------------------------------------------------------------------------------
1       NAMES OF REPORTING PERSONS:
        I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
        Chilton Investment Company, LLC
        87-0742367
--------------------------------------------------------------------------------
2       CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
        (See Instructions)                                              (a) [ ]
                                                                        (b) [X]
--------------------------------------------------------------------------------
3       SEC USE ONLY

--------------------------------------------------------------------------------
4       CITIZENSHIP OR PLACE OF ORGANIZATION
        State of Delaware

--------------------------------------------------------------------------------
                        5       SOLE VOTING POWER

                                593,300
      NUMBER OF         --------------------------------------------------------
        SHARES          6       SHARED VOTING POWER
     BENEFICIALLY
       OWNED BY                 0
         EACH           --------------------------------------------------------
      REPORTING         7       SOLE DISPOSITIVE POWER
        PERSON
         WITH                   593,300
                        --------------------------------------------------------
                        8       SHARED DISPOSITIVE POWER

                                0
--------------------------------------------------------------------------------
9         AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

          593,300
--------------------------------------------------------------------------------
10        CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
                                                                            [ ]
--------------------------------------------------------------------------------
11        PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

          3.2%
--------------------------------------------------------------------------------
12        TYPE OF REPORTING PERSON

          IA
--------------------------------------------------------------------------------

<PAGE>



-----------------------------                       ---------------------------
CUSIP No. 004933107                     13G           PAGE 2 OF 3 PAGES
-----------------------------                       ---------------------------

Pursuant to Rule 13d-2(b) of Regulation 13D-G under the Securities Exchange
Act of 1934, as amended, the Schedule 13G initially filed on August 10, 2005
by Chilton Investment Company, LLC. (the "Reporting Person") with respect to
the Common Stock $.01 par value (the "Common Stock"), of Action Performance
Companies, Inc., an Arizona corporation (the "Schedule 13G") is hereby
amended by this Amendment No. 1 to the Schedule 13G to report a change in
beneficial ownership.  The Schedule 13G is hereby amended as follows:

Items 4 and 5 are hereby amended and restated in their entirety to read:


Item 4.           Ownership.

                  (a) Amount beneficially owned: 593,300 shares

                  (b) Percent of class:  3.2%

                  (c) Number of shares as to which the person has:  593,300

                           (i)      Sole power to vote or to
                                    direct the vote: 593,300
                           (ii)     Shared power to vote or to
                                    direct the vote: 0
                           (iii)    Sole power to dispose or to
                                    direct the disposition of: 593,300
                           (iv)     Shared power to dispose or to
                                    direct the disposition of: 0

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
                  benficial  owner of more  than  five  percent  of the class of
                  sercurities, check the following [X].

                                   SIGNATURE

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

Date: September 9, 2005


                                           Chilton Investment Company, LLC



                                           By:  /s/  James Steinthal
                                                --------------------------------
                                                Name:  James Steinthal
                                                Title: Senior Vice President


