How Racing for Pink Slips Work

Street racing is a form of motor contest that takes place on public roads and not on a sanctioned racetrack. Because of the sport's social and competitive nature, the outcomes of races are occasionally wagered on either by the participants themselves or the audience, turning the street into something resembling a casino. While bettors use cash in most cases, the more adventurous and wealthier ones bet their own cars! Betting this way is called racing for pink slips. The terminology comes from the fact that the owner's copy of the vehicle title is printed on pink paper.

Before the race starts, the type of event is determined. It could be a simple straight drag race, a complex point-to-point race, or a dangerous drifting race, a competition that involved driving down a treacherous, snaking mountain pass.

Each driver then inspects his opponent's car to check its performance and compare it to his own. If the assessment shows that the vehicles are equal in performance, he lets a negotiator, usually a teammate or a friend, discuss the terms of the race with the other parties. Negotiations could take quite some time since the drivers are betting thousands of dollars worth of high-tech, powerful machinery. Each car's pink slip, or vehicle title, is given to a handler.

Once all bets are in, the cars are sent to the start line. A track official makes a final check to see if the vehicles are running well. If he sees leaking fluids or evidence of mechanical failure, the race may be delayed. Assuming everything checks out fine, the race begins with the loud roar of powerful street machines revving up, ready to streak toward their goals. As agreed upon, the racer who crosses the finish line wins and keeps the loser's car.