  We have obtained low- and high-resolution spectra of the core of the
highly-reddened elliptical galaxy Maffei 1. From these data, we have obtained
the first measurement of the Mg2 index, and have measured the velocity
dispersion and radial velocity with improved accuracy. To evaluate the
extinction, a correlation between the Mg2 index and effective V-I colour has
been established for elliptical galaxies. Using a new method for correcting for
effective wavelength shifts, we find A_V = 4.67 +/- 0.19 mag, which is lower by
0.4 mag than previously thought. To establish the distance, the Fundamental
Plane for elliptical galaxies has been constructed in I. The velocity
dispersion of Maffei 1, measured to be 186.8 +/- 7.4 km/s, in combination with
modern wide-field photometry in I, leads to a distance of 2.92 +/- 0.37 Mpc.
The Dn-sigma relation, which is independently calibrated, gives 3.08 +/- 0.85
Mpc and 3.23 +/- 0.67 Mpc from photometry in B and K`, respectively. The
weighted mean of the three estimates is 3.01 +/- 0.30 Mpc. The distance and
luminosity make Maffei 1 the nearest giant elliptical galaxy. The radial
velocity of Maffei 1 is +66.4 +/- 5.0 km/s, significantly higher than the
accepted value of -10 km/s. The Hubble distance corresponding to the mean
velocity of Maffei 1, Maffei 2 and IC342 is 3.5 Mpc. Thus, it is unlikely that
Maffei 1 has had any influence on Local Group dynamics.
