4 things to make this game amazing.
1) Practice and Qualifying.
2) Set up options. In the proposed practice sessions, you could play around with wing angles and suspension stiffness etc to see which would make you set better lap times. More skill would then be needed to win races, rather than it just being luck. This option should be able to be turned on and off, as people that just want a quick pick up and play may not like it.
3) Full length races rather than just 30 laps. This would mean you could have less overtaking per lap as well so it would make it even more realistic. Again, an option to have full length or half races for people that just want a quick few races.
4) Constructers Championship.
Thanks for the feedback Austin - I'll get to work!