Shutter speed choice depends very much on how you wish to portray the motion of the vehicles in relation to their background, and in the spinning of their wheels, and how fast the vehicles are travelling. There is also consideration of camera shake with long lenses as well. High shutter speeds are really boring, because they freeze motion and make the cars looked like they're parked, which they might as well be. The key to good sports shots is having a slow enough shutter to create the impression of motion in your static photo. You also need to hone your skills at panning.
I haven't shot much motorsport but here's an example of one of my better shots, taken at Brands Hatch. The exif data is included but here are the highlights....
Canon 30D, Canon 100-400 @ 400mm, 100 ISO, 1/160, f/8.
Here's another, taken at my first ever motorsport event (with a DSLR), at Donington. This is cropped, as I only had a 17-85 lens at the time and 85mm did not really get me close enough. Exif....
Canon 30D, Canon 17-85 @ 85mm, 100 ISO, 1/125, f/13. The only reason for f/13 was to give me the slow shutter speed needed to emphasise motion, because the cars were not travelling very fast at this point in the track.