Agreed about the car and track list. Shame the physics are completely hopeless. Interesting though I thought EA only has rights to IP (like the name of the game), but not actual in-game assets (car and track licensing permitting of course). I seem to recall people saying some tracks in PCARS are direct ports (touched up a bit) from Shift 2.
Well, that is what they told us when they were starting up. I think it makes sense, they're not a first party studio so they were paid to make those assets for EA, not for themselves. It's pretty common in business, anything you make at a company is owned by that company, usually. It's not like PD who are not hired by anyone, they're making content for themselves and so they own it. The MADNESS engine however was their property from the Blimey! Games days.
They are bound to look pretty similar in the end because they're modelled by the same people and the graphics engine is the same base.