People do stupid things, and some will try to redeem themselves for what they have done. That is the best way to do it.
Buying another license is more what cheaters do to just to get back on the servers as someone new and unrecognized.
People are going to look at you as a cheater from now on, nothing you can do about that. If you are willing to carry on racing and strive to improve and provide good clean racing, others are at some stage going to forgive you.
I don't speak for everyone, some are very uptight about this though. Was just pointing out how i see it.