The Racetrack OASIS appears as one of the challenges needs to be complete in a search for three keys that will unlock the Easter Egg gates.
The prize if you win this Race is the Copper Key, while the challenge in the book was completing Joust arcade, but in the film, the challenge replaced by a race.
In the movie, according to Parzival, some long-forgotten gunter deciphered the clue to the first challenge which is a race through New York City to Central Park. However, the racetrack comes with many perils which include a T-rex and King Kong. Even if a player manages to get past everything else, no one has ever managed to beat King Kong and he appears to be unbeatable as a rule.
After an argument with Art3mis, Wade visits a scene in Halliday's Journals where James Halliday argues with Ogden Morrow over the OASIS and Halliday's hatred for making rules. The scene contains the clue to beating the race: Halliday states that he wishes they could go backwards for once really fast, "real pedal to the medal."
After finding the clue, Parzival races his DeLorean backwards during the next race. An underground tunnel opens near the rear wall and Parzival is able to safely race through it backwards under all of the obstacles to emerge beyond King Kong near the finish line in Central Park. In doing so, Parzival gets Copper Key and wins the first challenge.
Subsequently, Art3mis, who witnessed Parzival take off backwards, also completes the race. She is followed by Aech who is tipped off by Parzival, Daito who is tipped off by Aech and Sho who is tipped off by Daito.