lordjedi said:

Apparently we both saw different movies. The hotrod race was their to introduce the Russians (or did that just completely go over your head?) as well as show the time period (am I the only one that figured out immediately that it was 1950's Nevada, somewhere outside Vegas?). Good God people. Yeah, it was a bit of a nod to American Graffiti courtesy of Lucas,...

I agree.
As I mentioned in a post on another board; I thought that was a neat way to show the audience that it's now the rowdier, rock & roll, late 1950s - not the wartime 1930s anymore. And, as a gearhead for most of my youth, I dug the T-Bucket.

I also thought it was interesting to ponder the fact that a kidnapped Indiana Jones is in the trunk of that car while it's racing. Something seemingly so harmless and fun (the race) was actually a very serious situation being hidden from the teenagers.

I think a lot of you are simply ripping this movie apart because Lucas was involved.

I think you're right on the money with that assessment.