Race craft is a generalised term for a driver displaying professionalism and intelligence while racing. It can encompass anything from lining up a fantastic last corner overtake to take the chequered flag or simply knowing where to place your car when being lapped by the leaders as a back marker. It can refer to driving ability/style, tactics and set up or anything involved with the racing event that involves a concious decision from the driver/team.
The usage is similar to how you would describe a good fisherman as having water craft or a good hunter having field craft, its an encompassing description of their ability to perform in their chosen field. 👍