It may seem like a world of glitz and glamour, but for many young drivers the road to motorsport stardom can reach a dead end, writes Brian Foley.
After winning the Porsche Carrera Cup GB twice in a row, Damien Faulkner should have been confident of moving up the ranks and establishing his motorsport career. The laurels, champagne and cash should have been flowing.
Instead Faulkner finds himself without a confirmed drive for 2007. He is currently trying to line up a drive in the Porsche Super Cup, which runs in conjunction with European Formula One races.
Faulkner knows well the uncertainty and fickle nature of motor racing; he has been down that hard road before and it's a road paved with shattered hopes and bitter disappointment.
His situation could change overnight, but as it stands, Damien Faulkner, professional racing driver, is currently out of work.
And what makes it even more frustrating is that this year's Super Cup was won by Richard Westbrook, whom Faulkner soundly beat in the British series in 2005.
Faulkner is typical of many young men, fired by a burning ambition to go motor racing, and lured on by the fame and fortune achieved by the elite corps of Formula One drivers.
Donegal is rally country, but Faulkner chose to go motor racing, winning the Irish Formula Ford championship in 1994 with a five-years-old car which he raced on the original shoestring budget.
From there he progressed to winning the European Formula Palmer Audi championship, then winning Indy Lights races in America but failing to win the championship by a single point.
The championship folded in 2002 and without a drive a disillusioned Faulkner returned home to Moville, Co Donegal, where he waited for that phone call from Eddie Jordan or Frank Williams which never came. Apart from a couple of Formula Nissan races in Spain in 2002, Faulkner literally vanished from the racing scene.
Following a guest drive in the Porsche Carrera Cup GB and winning two races at Mondello Park in 2004, Faulkner literally re-invented his racing career in the full British championship series in 2005 and 2006, thanks in no small measure to generous support from Cavan-born Eddie McElhinney who runs a specialised metal work business in the UK.
Now aged 30, Faulkner accepts that he will never get that Formula One offer, although he has driven the safety car at a number of Grand Prix races - which he says was "hard work because you have to drive a heavy car flat out to keep up a really quick pace".
He has made virtually no money out of motor racing, but is none the less proud of his achievements. His enthusiasm and determination to win has not waned despite the many setbacks.
To compete in motor racing at a competitive level is a high risk venture, especially in terms of financial outlay.
Parents financing a son in kart racing can spend from €25,000 to €100,000 in a full season, with no return whatsoever apart from some trophies, a pittance in prize money, and lots of heartbreak.
There is no pot of gold at the end of the racing rainbow, which quickly vaporises to leave only a large pothole into which money - and lots of it - simply vanishes without trace.
Winning an Irish championship is a notable achievement, but the real benchmark to measure exceptional talent is to be found on the British and Continental circuits.
To go Formula Ford or Formula BMW in the UK requires a major budget.
Last year Irish drivers Charlie Donnelly and Peter Dempsey won British Formula Ford championships, but neither have moved on to Formula Renault or Formula 3, which would require a budget from €250,000 to as much as a million - with no guarantees of success and the even less likelihood of a Formula One test contract offer.
Eoin Murray won the European Alfa Challenge last year, but did not land a works drive for either the World Touring Car Championship of the British Touring Car Championship.
Paddy Hogan was nominated Young Racing Driver of The Year 2006, for which he received the Dunlop Sexton Trophy and a cheque for €35,000 from Motorsport Ireland.
Runner-up Niall Breen and winner of the British Formula BMW championship received a cheque for €10,000 - welcome money indeed but in the motor racing context a mere drop in the ocean. Hogan is heading for America in pursuit of his goal, Breen will most likely contest Formula Renault in theUK.
No matter what formula they chose to race in, they will be up against drivers with big budgets, supported by the best professional teams, with access to all the latest equipment from engines to tyres, spare chassis and so on ad infinitum.
It's not just an uphill struggle, its akin to climbing a mountain and it happens not just at every race meeting. The essential testing is another major cost factor. A crash, or worst scenario a write-off, can spell finito to a championship campaign.
In addition to money and talent, the aspiring racing driver must have self-confidence, self-belief and the polish and personality to communicate with the media and attract potential sponsors.
By contrast, to play soccer all a young lad requires is a pair of boots and if the potential is there, he will inevitably be noticed and offered a job - and money. He could even be another Roy Keane.
But then again that young lad racing a go-kart could be another Michael Schumacher, who started racing karts and went on to win an all time record of seven World Championships and 91 Grands Prix.