The most common and most likely answer to this crossword clue is the 8 letter word GO-KARTS
I've seen this crossword clue in Financial Times
G
O
-
K
A
R
T
S
Buddy explains!

The straight part
We know that "little racers" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case little racers = go-karts.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 GO-KARTS mean?
GO-KARTS noun- A small, open-wheeled vehicle for racing.
- A framework moving on casters, designed to support children as they learn to walk.