I see this going the way of "Fast and The Furious", with "Days Of Thunder" thrown in for good measure. Unless something drastic can be done about making the races believable, I don't see this one going anywhere.(
Speed: "Hey, he's cheating! That car's the size of a football field!" Trixie: "You can still beat 'em Speed!":P:D)
There's no doubt the races'll be exciting, though.
As for bad movies - you'd be surprised how far off-track Ultraviolet got before it was filmed - I heard it used to be so close to Ghost in the Shell and B.A.A., that eventually everything originally planned had to be cut due to copyright issues.....Thus leading to the cheesy actioner we got now

.