The North Carolina Division of Motor Vehicles (DMV) can suspend your license for a conviction of willful racing with another motor vehicle, whether it is prearranged or spontaneous. There are many other penalties that you could also face for this serious moving violation. The actual offense of unlawful racing on streets and highways is listed under Section 20-141.3 of the NC General Statutes.
Here it states that:
(a) It shall be unlawful for any person to operate a motor vehicle on a street or highway willfully in prearranged speed competition with another motor vehicle. Any person violating the provisions of this subsection shall be guilty of a Class 1 misdemeanor. (b) It shall be unlawful for any person to operate a motor vehicle on a street or highway willfully in speed competition with another motor vehicle. Any person willfully violating the provisions of this subsection shall be guilty of a Class 2 misdemeanor. [Let CarInsurance.com help you find affordable auto insurance now.] (c) It shall be unlawful for any person to authorize or knowingly permit a motor vehicle owned by him or under his control to be operated on a public street, highway, or thoroughfare in prearranged speed competition with another motor vehicle, or to place or receive any bet, wager, or other thing of value from the outcome of any prearranged speed competition on any public street, highway, or thoroughfare. Any person violating the provisions of this subsection shall be guilty of a Class 1 misdemeanor. (d) The Commissioner of Motor Vehicles shall revoke the driver's license or privilege to drive of every person convicted of violating the provisions of subsection (a) or subsection (c) of this section, said revocation to be for three years; provided any person whose license has been revoked under this section may apply for a new license after 18 months from revocation. Upon filing of such application the Division may issue a new license upon satisfactory proof that the former licensee has been of good behavior for the past 18 months and that his conduct and attitude are such as to entitle him to favorable consideration and upon such terms and conditions which the Division may see fit to impose for the balance of the three year revocation period, which period shall be computed from the date of the original revocation. (e) The Commissioner may suspend the driver's license or privilege to drive of every person convicted of violating the provisions of subsection (b) of this section. Such suspension shall be for a period of time within the discretion of the Commissioner, but not to exceed one year. Under subsection (g) it explains how if law enforcement finds that you are a motor vehicle willfully in prearranged speed competition with another motor vehicle on a street or highway, he shall seize the motor vehicle. If the person is convicted of the violation listed under subsection (a) of this section of law the court shall order a sale at public auction of the motor vehicle. When any vehicle confiscated under the provisions of this section is found to be specially equipped or modified from its original manufactured condition so as to increase its speed, the court shall, prior to sale, order that the special equipment or modification be removed and destroyed and the vehicle restored to its original manufactured condition. However, if the court should find that such equipment and modifications are so extensive that it would be impractical to restore said vehicle to its original manufactured condition, then the court may order that the vehicle be turned over to such governmental agency or public official within the territorial jurisdiction of the court as the court shall see fit, to be used in the performance of official duties only, and not for resale, transfer, or disposition other than as junk.
So it depends upon if the speeding competition or street racing was prearranged or not as to what the penalties your will be facing in court. If it was prearranged the penalties are much more severe.
Prearranged racing is a Class 1 Misdemeanor. Under this type of NC misdemeanor there is a possible jail term of 1 to 120 days. The amount of the fine is discretionary with the court. The DMV can revoke your license and police can confiscate your car and auction it off if you are convicted. The length of the license withdrawal can be up to 3 years but is mandatory at least 18 months.
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Willful Speed Competition (not prearranged) is a Class 2 misdemeanor. The possible jail term may be 1 to 60 days (per NCGS 15A-1340.23(c)(2)). The fine amount for this is up to $1000. Your driver's license can be suspended by the NC DMV for up to 1 year.
You should contact the court to find out whether completing a defensive driving course would help you or benefit you in any way. The clerk of the court could tell you if you are even eligible for the class and if there would be any benefits to your North Carolina driving record or insurance rates. | 
