Basically, you're racing around in extremely fast futuristic vehicles. These vehicles can't be used on the Skyworld main roads.
The race tracks can contain various obstacles (such as barriers, jump pads), which means some course memorization is necessary to win. If you we're to, lets say, use a jump pad, and go off course, your vehicle would explode, and youd respawn on the track in 1-2 seconds. There could also be some energy bar related to your health. Every time you hit the walls of the track, you lose some energy. Lose all of it, and your vehicle explodes, which respawns in a few seconds.
Each of these vehicles are the same in speed, acceleration, and other things (to make it fair). The only difference is how they look.