A race in which the winner claims permanent ownership of the loser's vehicle.
"Whoa, where did you get that new Camero?"

"Oh, I won it off a guy when we were racing for Pinks."
by Lutzburg1 September 18, 2013
Get the racing for pinks mug.
The ultimate bet in terms of personal confidence in an illegal Street race or the like. Two racers put their cars on the line by offering their registration slips as winnings. The winner of the resulting race wins the opponents car for good. This is exhibited in some of the Fast and Furious movies.
Friend 1 "hey man what's up?"

Friend 2 "I just won me a new car last night, racing for pink slips."

Friend 1 "Wow, you're brave, putting your car up like that.

Friend 1" well I wanted that car man.
by ThatSmartKid June 22, 2014
Get the racing for pink slips mug.
When you and your girlfriend challenge another couple to "Race for Pink Slips" - It is like a foursome, but instead you all have sex in one room, only with your partner: First guy to finish, wins, and he gets to take the other guys girlfriend as a reward.

Similar to racing for pinks in relation to cars
by DJTeezz January 7, 2011
Get the Race for Pink Slips mug.