Yep, it's early 2000's Hot Wheels animated movie, Hot Wheels: World Race

Oh, did say animated? I meant to say CGI animated! Yes, an early 2000's direct to video CGI film. Yeah, it hasn't aged well visually.

But hey, it may look like crap and every character is a walking TV Tropes page, but damn it this is my childhood nostalgia, so for once I get to look something with rose tinted glasses!