There are a few concepts about cars in vanilla Minecraft, but most of them are slow and will only travel 1 block per second or so. In this concept I present a car that can travel 23 blocks per second, which makes it similar to a race car.

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How does it work?

It is recommended that you watch the video before reading this. There are several redstone clocks that powers command blocks that will teleport the minecart (car) in a certain direction (X+,X-,Z+,Z-) depending on the selected hotbar slot in your inventory. The rest is basically some mechanics to prevent the minecart from being teleported when the players selected hotbar slot is incorrect.

If you have any questions just ask in in the comments!
I have added a world download for those who are unable to use MCEdit.