I was emailing Laura and realized I could only recommend 2 racing movies, the rest were mediocre or I need to watch them again to make sure I would recommend them to someone whom I wanted to regard my advice as solid and trustworthy.
"The Worlds Fastest Indian" with Sir Anthony Hopkins, terrific story of struggle and triumph of the most stubborn and cool motorbike speed record guy I've ever heard of. http://www.imdb.com/title/tt0412080/
"Madison" with Jim Caviezel and Bruce Dern. Story of a Wisconsin town that owned a hydroplane, and once was a significant part of Hydroplane racing history. http://www.imdb.com/title/tt0206113/