Is Motor sports bad for the Planet?

We often hear these days about Global warming and how we should be environmentally friendly (Here @ Clark trading we try to do our bit by recycling and supporting local wildlife see the Faq section on the website for more info or the About us section)

So based on that I ask these few questions

1. Is motor sport a waste of fuel?
2. Does it damage the planet ?
3. And does it provide any benefit? 

If you consider all a racing car from any of the motor sports disciplines does is go around a race track or circuit and the amount of fuel they burn each lap and all the co2 that produces is bad for the planet. It look like yes it is a waste of fuel but that is only a quick look so lets take a deeper look.Millions of people across the world enjoy motor sports so it does provide benefits along with advancement of tech for cars. 

(I am not suggesting banning or stopping motor sports just asking the question)

Thanks for reading