I'm in the same boat as you, Timmy. I race but also take photographs. But rather than trying to make a living doing it, I just snap photos while I'm at events and let the photos sell themselves instead of really trying to push the business. I'm really just doing it as a way to cover expenses for the day. Ride for an hour, snap photos for an hour, spend an hour at home doing some processing, charge $30 plus shipping per shot. Sell one and you pay for fuel, sell two and you cover gas. Sell three and you make some headway towards paying for your license. 8)
As mentioned above, there are already photo nerds at every event that usually have the ``exclusive rights'' tied up, just make sure you don't step on their toes or they'll come swinging at you with their manual focus Canon FD and 50/1.8 from 30 years ago.