CHARLESBANK CAPITAL PARTNERS & PENSKE CAPITAL PARTNERS CO-LEAD $115 MILLION RECAPITALIZATION OF UNIVERSAL TECHNICAL INSTITUTE

Phoenix, AZ, April 8, 2002 - Universal Technical Institute, Inc. (UTI) announced that Charlesbank Capital Partners, LLC and Penske Capital Partners LLC have invested $45.5 million in equity to lead a recapitalization of the Company, which is the premier provider of technician education services in North America. The capital will be used to reduce leverage and provide equity for future growth. As part of the transaction, the Company also refinanced its senior debt with a new $70 million credit facility underwritten by GE Capital Commercial Finance, Antares Capital and Royal Bank of Scotland. In addition to Charlesbank and Penske, significant ownership stakes in the Company will continue to be held by UTI founders John White and Bob Hartman, management, and The Jordan Company LLC, which sponsored an LBO of UTI in 1998.

Founded in 1965, Phoenix-based UTI offers accredited degree and diploma programs through its seven post-secondary Universal Technical Institute, NASCAR Technical Institute and Motorcycle and Marine Mechanics Institute campuses. Additionally, UTI offers manufacturer-specific graduate-level training through its 21 Custom Training Group facilities nationwide. UTI's program roster includes automotive, diesel, motorcycle, marine, heating, ventilation, air conditioning and refrigeration (HVAC/R), and collision repair and refinishing. The firm has strategic relationships with leading manufacturers in all of its programs, including several major automotive, motorcycle and marine manufacturers, Hot Rod Magazine, NASCAR, Snap-On Tools, DuPont and Encompass.

UTI is a clear leader in the highly fragmented technician-training industry. "Our manufacturer-focused education philosophy and broad geographic presence, together with strong sales and marketing efforts and exclusive relationships with many industry leaders, give us a significant competitive advantage," says Bob Hartman, CEO of UTI. "We are pleased to have raised capital that will help us expand our business. The experienced teams at Penske and Charlesbank will be a valuable strategic resource as we move ahead."

UTI has demonstrated consistent growth in revenue and profitability in recent years, with historically high returns on invested capital. "UTI's strong performance is a testament to a sound business model and a deeply experienced management team. We believe the Penske organization, through our investments in United Auto Group, Penske Truck Leasing and Penske Automotive, as well as our relationships with other leading automotive and transportation companies, will help take the Company to the next level in addressing the needs of our manufacturer-partners," says Roger Penske, Chairman of Penske Capital Partners.

"UTI has the leading franchise in a very dynamic part of the post-secondary education industry. We see tremendous opportunity for continued growth as the Company seeks to expand existing programs and open new campuses while continuing to train students for productive careers in industry," says Michael Eisenson, Managing Director and CEO of Charlesbank Capital Partners.

Further information about UTI can be found on the Company's web site at www.uticorp.com.

Charlesbank Capital Partners, LLC, is a Boston-based private equity and real estate investment firm with more than $2 billion of capital under management. Charlesbank Equity Fund V is a $590 million private equity fund focused on middle-market management-led buyouts and growth capital financings, typically investing $20 million to $75 million per transaction in companies with enterprise values of $50 million to $500 million. Charlesbank seeks to partner with strong management teams and other value-added investors to build companies with real competitive advantage and excellent prospects for growth.

For more information on Charlesbank, visit www.charlesbank.com.

Founded in 1997, Penske Capital Partners established a $325 million fund to undertake leveraged investments and reorganization activities in the transportation and transportation services industries. The fund was formed in partnership with Penske Corporation, GE Equity and Aon Insurance.

The Jordan Company LLC (TJC) is a New York-based investment firm specializing in leveraged buyouts and private-company recapitalizations. TJC purchases and recapitalizes privately held companies in partnership with management, providing members of management with a meaningful equity stake. The firm acts as an investor and partner, working closely with its portfolio companies to provide strategic counsel, arrange capital for expansion and advise on mergers and acquisitions. The firm has more than $1 billion in capital under management.