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If you're coming up fast on a turn and don't want to slow down enough that you won't skid out turning, take the turn on the inside of whoever you're trying to pass. If you skid out, their car will keep you headed in the right direction, plus you're forcing them to slow down as your car grinds against the side of theirs and drags them to a slower speed.
Always finish the race even if you're going to lose. By finishing the race you can collect the bonus cash that everyone receives.
If you find yourself in a tight spot and need to slow down quickly you can use the other players as brakes (this is a perfectly legitimate strategy).