In my mind it IS racing, but I never refer to it as that. When friends ask if I'm "going racing" I always tell them that it's not "real" racing.
It competition, it's timed, but it really doesn't need to be badged as racing for all of the reasons already stated. Autocross drivers aren't really race car drivers (they're smarter, more skilled, but unfortunately poorer). It's more about personal satisfaction. Uh, that didn't sound right.. You vs. you until you're at 100% of the car's capabilities and then maybe it's racing when there's another guy that is also at 100% - few of us on here are at that level (not me, certainly).
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T.Morrow