Next Car Game (working title, duh) has races in it. And challenges. They're just window dressing, though, because if you're playing this game right, you'll never see the finish line. Nobody will.
It's a game about vehicular carnage. Screw officially-licensed cars and photo-realistic tracks. NCC put all its effort into modelling batshit insane car crashes, and then giving them a sound effect that makes you want to hurt other cars over and over and over until they are dead.
While Next Car Game is still in development, you can buy your way into it now on Steam. I took some footage of it in action below. Note that even if you're not touching anything, races are still exploding, because the AI is utterly psychotic.
Next Car Game [Steam]