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The raffling of the cars sounds a lot like horse racing's "Claiming" race scheme - it keeps the fields competitive even for low-cost horses.
Years ago, I worked near a horse track and some of my coworkers pooled together and bought a horse; one good reason was that they could then get "owners" parking right next to the track if they wanted to duck out for a few races at lunch time. Their low price horse started doing well and one day got claimed! Of course they bought another one which was not so fortunate. This went on for quite a while.
posted by 108.71.132...
https://en.wikipedia.org/wiki/Claiming_race
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