The most common and most likely answer to this crossword clue is the 8 letter word HURRYING
I've seen this crossword clue in Financial Times
H
U
R
R
Y
I
N
G
Buddy explains!

The straight part
We know that "Racing" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case racing = hurrying.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.
What does HURRYING mean?
HURRYING verb- To do things quickly.
- Often with up, to speed up the rate of doing something.
- To cause to be done quickly.
- To hasten; to impel to greater speed; to urge on.
- To impel to precipitate or thoughtless action; to urge to confused or irregular activity.
- To put: to convey coal in the mine, e.g. from the working to the tramway.
- The act of one who hurries; hasty motion.