I think this should be it, set up you car or whatever your going to use to race as an object (duh) and then try the following command;
SET CAMERA TO OBJECT ORIENTATION object number
SET CAMERA TO OBJECT ORIENTATION
This command will set the camera to the same direction as the specified 3d object. The object number must be an integer value.
--OR--
You might try the SET CAMERA TO FOLLOW command....
SET CAMERA TO FOLLOW X, Y, Z, Angle, Camdist, Camheight, Camsmooth, ColFlag
Set camera to follow might work better since it tracks the car or whatever is racing...