General terms:
* A field of racing cars
* A grid of racing cars (referring to the starting lineup)
* A fleet of racing cars
* A pack of racing cars (when they are close together)
* A gaggle of racing cars (a playful and informal term)
More specific terms:
* A squadron of Formula 1 cars
* A stable of Indy cars
* A pack of NASCARs
Ultimately, the best collective noun will depend on the specific type of racing cars and the context of the sentence.