Plot hole: I have never seen a Daytona 500 race where the winner is immediately left completely alone and is able to walk over to his crew chief who is still at the pit wall and hold a quiet conversation.
Continuity mistake: When Harry is telling Cole to "Run 50 laps your way, then run 50 laps my way and I'll beat you every time," Harry is at first wearing a Georgia bulldogs baseball cap. Then a Florida Gators hat when he leans in the driver's window. Moments later when he speaks to Cole over the radio after the test run has started, he's now wearing a Georgia Bulldogs hat again.
Factual error: One of the first races that Cole runs is Phoenix. Phoenix International Raceway is a very flat track. There are several shots in that segment showing a high-banked oval.
Continuity mistake: Multiple times in the movie one shot of the cars will show them covered with blackness from smoke, while the immediate next shot will show clean race cars.
Continuity mistake: During many of the races shown in the movie shots from the wrong track are shown. For example, the caption at the bottom of the screen for one race claimed they were at Martinsville speedway, but a shot was shown from Daytona speedway (in one shot you can even see DAYTONA USA painted on the wall!)
Continuity mistake: When Cole goes to get Harry after the final race at Daytona and Harry is sitting on the pit wall, you see that he is sitting on a black banner reading Mello Yello 51. Than the two start talking and after that they race to victory lane. Just when they start to run if you look at the wall where Harry was just sitting the Banner is now Blue and has white lettering.
Continuity mistake: During the race with Cole and Rowdy's big crash, you'll see Cole racing Rowdy for the lead. When the scene cuts to them racing at one point, you'll see the number 3 car of Dale Earnhardt where Rowdy's car should be.
Continuity mistake: In the last race when Cole is trying to pass Russ the covering for headlight keeps disappearing and reappearing.
Factual error: If Cole's car really had that much damage towards the end of a race like the Daytona 500 at the end, he'd be in or near last place. Races on superspeedways like Daytona require the car to maintain its aerodynamic properties to keep up with the race speed. If his car had that much damage he'd probably be black flagged anyway.
Continuity mistake: At the beginning of the race that Cole and Rowdy have their big wreck in, there is a shot of Rowdy's crew chief. He is wearing a coat and the sky behind him is cloudy. Next there is a shot of Cole's crew. They are all wearing short sleeved shirts and the sky behind them is sunny.
Continuity mistake: At one point Cruise and Kidman are talking in a white car when a taxi bumps them at a stop. Cruise throws the car into reverse, slams the gas and they cut to a picture of the wheels spinning - forward! Then the taxi comes around Cruise's car and Tom throws the car into Drive. Again the scene cuts to smoking tires, spinning in REVERSE. The scenes were mistakenly swapped.
Continuity mistake: Near the end when Cole and Harry are talking about racing Rowdys car, they're standing in the garage and Harry is to the right of Cole, the shot changes and Harry is to the left.
Continuity mistake: In the last race of the movie (Daytona 500), the wheels on Cole's car are black. Yet, when he spins onto pit road, they are silver.
Continuity mistake: While Kidman's character is talking to Cruise's character just before the last race, the camera switches from behind to in front of her several times. Her hair keeps switching too. First it is blowing into her face, then out behind her, and back and forth. All supposedly during one short conversation.
Continuity mistake: When the pace car pulls into the pits at the race in Darlington, you can clearly see that the cars are Busch grand national cars, not the Winston cup cars.
Other mistake: After the drivers enter their cars at the Daytona 500 at the end, there is a shot where Russ Wheeler's #18 Hardee's car is in the inside lane and mid-pack a row ahead of Cole's car on the outside. In the overhead shot as they get the "start your engines" command and the shot immediately following, you see Cole on the inside and Russ on the outside of the last row. This is compounded because they show Russ looking to his right and Cole to his left at each other indicating that they have reversed sides again. Also, Russ starting mid-pack would not be feasible and back of the pack unlikely since they said he won the pole. Even with the Duels races setting up the lineup, the front row qualifiers still stay the same at Daytona. Russ could be at the back if he made changes to his car (which Cole did). Not sure if either of those rules were different in 1993. Along the line of the Duels, the plot seems to imply it is Cole's first time back in the car and he is nervous. However, he would have run in practice and his duel race already by the start of the 500.