I asked about something similar a while back. Live for Speed Movie Maker has something like this. You can have it detect collisions, sliding more than X number of degrees, etc. LFSMM will mark those locations on the timeline and you can setup a camera to catch them.
Unfortunately, this is a lot of work, isn't automatic, and doesn't work on-the-fly. You have to setup everything manually.
I don't think there's really any way to do this in-game since replays are rendered using the actual physics engine. I don't know any way that the physics engine could foresee that there would be a collision before it happens. As far as the camera views that focus less on a single car and more on a group, that would be a really nice addition. It wouldn't add anything to the racing itself, but would be nice for watching replays of league races.