Since we can't see what happens, I'm assuming the Toyota does a full 360 and keeps driving because he was intentionally putting the two 'racers' in their place.
I'm assuming that the gray car is made of some kind of incredibly dense material that is so heavy it has its own gravitational pull and the red car is now the gray cars moon.
Obviously that car was being driven by a T-1000 come from the future to stop Time Travel Mishap from changing the outcome of the race in favor of the resistance.
