Race is typing a random text for time and for speed. But you are not just typing, you are engaged in competition with other people typing the same text at the same time. You can find more information about game types and modes here
You get points for every finished race (not Competition race). The number of points depends on the number of players and on the place you take in the race.
You can spend your points for any improvements or updates, e.g. for purchasing a new car. You can also exchange your points for Booster points.
As soon as you finish the race you can see your speed (chars per minute/words per minute). According to your speed level you get the Typing Title. You can find more information about the Typing Titles here.
Experience and Competitions
When you play Competition race you get Experience and Level instead of points. So the higher your Level is, the more experienced racer you are. You can play Competition race only if you are a registered player. You can get more information here.
Boosters can help you to improve your skills. You can get Boosters in exchange for Booster points. Booster points are the points you can get for your site activity. You can find more information here.
Missions help you to earn extra points quickly. This kind of points can also be exchanged for any improvements and cars.
You can get Achievements when you race. The more active you are online, the more Achievements you get. Achievements are awarded for the time you spend in races, for the number of buttons you press, for the prize places you take, etc. Get them all.