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Those are Australian burnout competitions. My understanding is that the cars are purpose-built for this. It's not my thing, but I don't think it's any stupider than drifting, NASCAR, or demolition derby, which various segments of the US population find entertaining.
I used to like watching demolition derby on TV when I was a kid.
So did I. At least they took cars out of the graveyard to destroy. Some of the cars in the vid (the pickup-cars) look pretty new and serviceable. I just see this as a waste of good cars.
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