I can't tell what happens in either race. 1st race looks like B0ki jumps on the 2nd honk, then it looks like the video "warps" to a second later in the film, and 2nd run...well, I can't tell what happens, but didn't look like the Cobra raced??

Not sure how much an M3 weighs, but if it's anything over 3200lbs (and the hp numbers are accurate) I'd imagine that would have been a good race.