Here is my theory. The fuel lines that run under the car are rubber flex hoses that go into hard lines past the firewall, those hoses are just about right above your catalytic converter, mounted only right above a hard plastic (shield)....on the age of these cars there is a good chance that rubber fuel line was dry-rotted, so you had a very small leak, maybe almost unnoticeable with the car off since you were on the highway and track, and hard driving it. you were pushing more fuel through it. (that is why you could smell the gasoline fumes before you saw flames).
Your exhaust right there around the downpipe and the catalytic converter itself can heat up well enough especially hard driving it either at the track or on the highway, to ignite the fumes that were leaking from that fuel line, it wouldn't even have to be noticeable liquid gasoline "leak"... with enough fumes, it will cause it to ignite.
I narrowly avoided this situation myself after driving home from work. a couple of hours after driving my car I went into the garage to get something and I smelt gasoline, alot of it...it smelt like a fucking lawnmower. I looked under my car and I only saw about a dime sized drop of gasoline on the floor, but it smelled like I just cut my lawn with it.
I didnt even attempt to drive it...I got it towed to a lift to fix it. I am not saying everyone should freak out and get hardlines run all the way to the gas tank (I didnt, I just ordered a new rubber line from the dealership), but next time you are under your car...might be worth checking them for dry rot.






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