You need to use line drawing to do this. You will need two points, and it will draw a line from one to the next. I recommend having it run on every movement call. Have it draw the line between the racer's location in the previous frame, and his location in the current frame. For further reference, check out this page.
http://www.actionscript.org/resources/articles/730/1/Drawing-lines-with-AS2/Page1.html