Cro-Mag Rally and Moto Racer/Chaser were the first. I believe both went through price drops. Cro-Mag is now $1.99 (that's a $8 price drop) and Moto Chaser is $5.99.
Crash Bandicoot NK3D was the first racing game to take the iPhone by storm, even with its $9.99 price tag.
GTS World Racing made a dent because of its price point at $7.99, but eventually dropped out of the rankings.
Then, Asphalt 4 blew the socks off of everyone at $9.99. 24 cars/motorcycles, numerous exotic locales and the ability to customize your ride.
Now, the latest racing game is
Pole Position: Remix. Sure, the graphics are a little better than the original game. I hope that's a brake pedal on that screen. The backgrounds look 8-bit. But compared with the other racing games, how can they price this at $9.99? Don't they know the debacle that is Frogger? Well, the reviews are pretty good on iTunes so far.