September 2002 was the introduction of the Pink Slip Racer. A variation of the fest event car, this car was fitted with hard plastic wheels as opposed to the rubber wheels its warehouse sale counterpart hosted.

Fest attendees put the JL casting of their choice in the gravity race. If your car was chosen to run against the PSR, and you beat it, you received one of your own.

The winner of each 16 car bracket also won a PSR. But only one PSR was awarded to each person.