Personaly, my absolute favorite racing movie to date was made in 1966, Grand Prix has to be the best down to earth racing movie ever.
The scenes inbetween races are also realy well done, they arn't just a bunch of bull they put in to call it a movie. It has an amazing story, and some amazing racing footage. It's a legendary movie from a legendary era of racing.
The only thing that would have made it better is if they had been able to use the footage from the nurburgring, but that race footage was set aside for another movie that, sadly, never got finnished.