Just being close to the track isn't necessarily going to help you, it is where on the track you are, most booths tend to be on the straights and that is just about the worst place to shot, especially if you haven't panned before.
The best places for panning are inside corners.
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This shot was taken with a 70-200 + 1.4 TC, focus is AI-Servo and using only a single focus point. Shutter speed was 1/100. When your panning, follow the subject well before you start shooting, this lets the AF settle and you to get a nice smooth tracking action happening, when the car gets to where you want to shoot take a burst of 2 to 4 shots and then keep following the car. That's about it, practice is about the only thing that makes you better at this.
If you are on a straight you will have to go with a higher shutter speed because of the higher vehicle speed and it is going to be alot harder to keep the car in the frame.
The other option is the head on shot
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For these you use a a higher shutter speed, 1/320 and higher to freeze the action, but you still track the car in pretty much the same way as for a panning shot.
Take lots of shots and don't be too disappointed if the results aren't that great first time, it really is all about practise.
Hope this is of some help to you.