SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, DC 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)


                   Championship Auto Racing Teams Inc. (CPNT)
--------------------------------------------------------------------------------
                                (Name of Issuer)


                          Common Stock, $0.01 par value
--------------------------------------------------------------------------------
                         (Title of Class of Securities)


                                    158711101
--------------------------------------------------------------------------------
                                 (CUSIP Number)


                                December 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:

          [_]  Rule 13d-1(b)

          [X]  Rule 13d-1(c)

          [_]  Rule 13d-1(d)


----------

     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 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).


CUSIP No. 158711101
            ---------------------

1.   NAME OF REPORTING PERSONS
     I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)

     S. Muoio & Co. LLC

2.   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
                                                                 (a)  [_]
                                                                 (b)  [X]

3.   SEC USE ONLY



4.   CITIZENSHIP OR PLACE OF ORGANIZATION

     Delaware

NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH

5.   SOLE VOTING POWER

     0

6.   SHARED VOTING POWER

     324,400

7.   SOLE DISPOSITIVE POWER

     0

8.   SHARED DISPOSITIVE POWER

     324,400

9.   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

     324,400

10.  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES

                                                                          [_]
11.  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

     2.2%

12.  TYPE OF REPORTING PERSON

     OO, IA


CUSIP No. 158711101
            ---------------------

1.   NAME OF REPORTING PERSONS
     I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)

     Salvatore Muoio

2.   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
                                                                 (a)  [_]
                                                                 (b)  [X]

3.   SEC USE ONLY



4.   CITIZENSHIP OR PLACE OF ORGANIZATION

     United States of America

NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH

5.   SOLE VOTING POWER

     0

6.   SHARED VOTING POWER

     324,400

7.   SOLE DISPOSITIVE POWER

     0

8.   SHARED DISPOSITIVE POWER

     324,400

9.   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

     324,400

10.  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES

                                                                          [_]

11.  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

     2.2%

12.  TYPE OF REPORTING PERSON

     IN, HC


CUSIP No. 158711101
            ---------------------


Item 1(a).  Name of Issuer:

            Championship Auto Racing Teams Inc. (CPNT)
            ____________________________________________________________________

Item 1(b).  Address of Issuer's Principal Executive Offices:

            5350 Lakeview Parkway Drive South
            Indianapolis, IN 46268
            ____________________________________________________________________

Item 2(a) - (c). Name, Principal Business Address, and Citizenship of Person:

            S. Muoio & Co. LLC
            509 Madison Avenue, Suite 406
            New York, NY 10022

            S. Muoio & Co. LLC: Delaware Limited Liability Company

            Salvatore Muoio
            c/o S. Muoio & Co. LLC
            509 Madison Avenue, Suite 406
            New York, NY 10022

            Salvatore Muoio: United States of America

         (d) Title of Class of Securities:

             Common Stock, $0.01 par value

         (e) CUSIP Number: 158711101


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


Item 3.     If This Statement  is Filed  Pursuant to  Rule 13d-1(b), or 13d-2(b)
            or (c), Check Whether the Person Filing is a:

     (a)  [_]  Broker or dealer registered under Section 15 of the Exchange Act.

     (b)  [_]  Bank as defined in Section 3(a)(6) of the Exchange Act.

     (c)  [_]  Insurance  company as defined in Section 3(a)(19) of the Exchange
               Act.

     (d)  [_]  Investment  company  registered under Section 8 of the Investment
               Company Act.

     (e)  [_]  An investment adviser in accordance with Rule 13d-1(b)(1)(ii)(E);

     (f)  [_]  An employee  benefit plan or endowment  fund in  accordance  with
               Rule 13d-1(b)(1)(ii)(F);

     (g)  [_]  A parent  holding  company or control  person in accordance  with
               Rule 13d-1(b)(1)(ii)(G);

     (h)  [_]  A savings  association  as defined in Section 3(b) of the Federal
               Deposit Insurance Act;

     (i)  [_]  A  church  plan  that  is  excluded  from  the  definition  of an
               investment  company  under  Section  3(c)(14)  of the  Investment
               Company Act;

     (j)  [_]  Group, in accordance with Rule 13d-1(b)(1)(ii)(J).

Item 4.  Ownership.

         (a) Amount Beneficially Owned:

             S. Muoio & Co. LLC: 324,400
             Salvatore Muoio: 324,400

         (b) Percent of Class:

             S. Muoio & Co. LLC: 2.2%
             Salvatore Muoio: 2.2%

         (c) Number of shares as to which S. Muoio & Co. LLC has:

          (i)   Sole power to vote or to direct the vote
                                                                              0
                                                         ______________________,


          (ii)  Shared power to vote or to direct the vote              324,400
                                                          _____________________,


          (iii) Sole power to dispose or to direct the
                disposition of                                                0
                                                          _____________________,

          (iv)  Shared power to dispose or to direct the
                disposition of                                          324,400
                                                          _____________________.


         Number of shares as to which Salvatore Muoio has:

          (i)   Sole power to vote or to direct the vote
                                                                              0
                                                         ______________________,


          (ii)  Shared power to vote or to direct the vote
                                                                        324,400
                                                          _____________________,


          (iii) Sole power to dispose or to direct the
                disposition of                                                0
                                                          _____________________,

          (iv)  Shared power to dispose or to direct the
                disposition of                                           324,400
                                                          _____________________.
         _____________________.

Item 5.  Ownership of Five Percent or Less of a Class.


                  [X}
         --------------------------------------------------------------------


Item 6.  Ownership of More Than Five Percent on Behalf of Another Person.


                  Not Applicable
         --------------------------------------------------------------------


Item 7.  Identification and  Classification of the Subsidiary Which Acquired the
         Security  Being  Reported on by the Parent  Holding  Company or Control
         Person.


                  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.  Certifications.

          By signing  below I certify  that,  to the best of my  knowledge  and
          belief, the securities referred to above were not acquired and are not
          held for the purpose of or with the effect of changing or  influencing
          the control of the issuer of the  securities and were not acquired and
          are not held in connection with or as a participant in any transaction
          having such purpose or effect.


                                    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.

                                                  S. MUOIO & CO. LLC*
                                                  By: /s/ Salvatore Muoio
                                                      ----------------------
                                                      Name: Salvatore Muoio
                                                      Title: Managing Member


                                                  SALVATORE MUOIO*
                                                  /s/ Salvatore Muoio
                                                  ----------------------
                                                  Name: Salvatore Muoio
                                                  Title: Managing Member
Date:  February 13, 2006

* The Reporting Persons disclaim beneficial ownership of the securities reported
herein except to the extent of their pecuniary interest therein.


                                                                Exhibit A

                                    AGREEMENT


     The undersigned agree that this Schedule 13G dated February 13, 2006
relating to the Common Stock, $.01 par value, of Championship Auto Racing Teams,
Inc. shall be filed on behalf of the undersigned.

                                                  S. MUOIO & CO. LLC
                                                  By: /s/ Salvatore Muoio
                                                      ----------------------
                                                      Name: Salvatore Muoio
                                                      Title: Managing Member


                                                  SALVATORE MUOIO
                                                  /s/ Salvatore Muoio
                                                  ----------------------
                                                  Name: Salvatore Muoio
                                                  Title: Managing Member
Date: February 13, 2006


SK 01834 0001 642639