Hi all,
Buy the Camero, race mods and everything but most importantly up the top speed to 180. The only place the race cars will catch you will be on the straights where if you are on default settings they have +20mph at least on you. Up your top speed to 180, remember to cut across th econcrete on the 5th corner and only over take at sensible places; I was in 1st by the end of the 2 nd lap and won by about 8 seconds, and I'm not great at the game.
I spent 2 weeks trying with the Lmabo when tuned, and always ended up in about 4th due to being owned on the straights.
Hope this helps...