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Any copy of real life items should be protected under trade mark and copyright laws and require a license contract/ lease agreement from the owners to use them in the game. This includes cars, race tracks, race teams - driver names and their paint schemes/ sponsors, and music/songs. There might be hundreds of contracts required in a racing title, and there is no set pricing on what the owners can ask for – you might be able to buy 1 new car for less than the contract would cost, especially when you add in your attorney fees to draw up and close that contract.
These contracts should include a sunset clause/ end of use date. Game stores/ key warehouses can continue to sell the inventory they have prepaid for after that date, but they cannot reorder any more from the publisher. The Steam store does not prepay for the keys they sell. Average life of these contracts in racing titles is around 5-7 years. EA had an exclusive license with Porsche that lasted 10 years.
A studio/ dev team may have a license for a race series like Nascar, F1, WRC that should include all of the official tracks, but race teams, drivers, paint schemes might require additional license contracts.
As for licensed music, it's not necessary in a racing game at all so they could just save the trouble and not have any. Have to say though, limited time music licenses in games are an astonishingly dumb thing. Why video games cannot have licenses that last indefinitely like films and TV shows have, I cannot begin to understand. "Hurr durr let's patch to remove music from GTA IV that was released 10 years ago, so logical"
Rip socom confrontation, et al
servers will go down for online only games
On the bright side custom championships are a thing