I think you file an affidavit of non-use if it's a car you have previously titled and operated on the streets. That makes it so you aren't reported for not maintaining insurance, but if you ever re-license it, there are no penalties. If you are buying a car that someone has already made into a race car, you just do bill of sale and if they had a title, they can sign it over to you. But you don't get it titled in your name.