To disable an opponent in championship mode, just ram the back of his car. If done correctly, his car's back wing will break and he'll be unable to go fast until he reaches his pit stop. You must have the no collision damage option for this to work. Otherwise your car will suffer heavy damage.
For every time you complete championship mode a new pace car will become available to race in ARCADE mode or High Speed mode.
Complete Championship Mode to unlock Super Speed Mode. In this mode you can race with 5 other drivers and corner at high speeds.