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Default INDIRECT with dynamic range

Is it true that you cannot use the INDIRECT function to call a dynamic range
name from another cell? I have a dynamic range named Cars. Cell A1 has this
text in it. For some reason this formula is not working:

=Index(Indirect(A1),1,1)
although this works...
=Index(Cars,1,1)

If I can't do this because Cars is a dynamic range (defined with a formula
using Insert-Name) is there any work around?
-Arun
 
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