I remember my stepbro used to LOVE this film as a kid, as he was huge into fast cars like Ferrari's and Lamborghinis and Porshes and whatnot, so the idea of actually doing a race like this was something that appealed very heavily to him.
I remember there were some funny bits in the film though, like the scene were Mad Dog (can't remember how played his) is in a car and he goes, "Man, I can't handle this traffic!" (to his passenger) "Hold onto your lunch, pal, this could get a little weird." And he crashes right into the lobby of a hotel.
Burt walks in and rather casual goes, "Hey, Mad Dog, parking lot is outside."
Mad Dog, deadpans, "Yeah, I know, brakes went out."
Interesting sidenote, there's a scene where the two females drivers are going to, once again, try get out of a ticket, by unzipping their jumpsuits to expose a rather generous amount of cleavage, only to have the plan backfire when they're pulled over a FEMALE officer. I read a book once called "Breaking and Entering" by Connie Fletcher about female police officers and their experience being cops, and a lot of the older ones will tell you that's NOT very far from reality.