I am assuming its scalextric sport track -
Use some plastic tube to fix the front axle so the front wheels are only just above the track (think ~0.5mm) with the braid fully flat, and ensure free rotation/not binding on body, you may need to use lower profile tyres.
A cheap set-up plate flat one side, recess the other for wheels is a good investment to aid car set-up (Pendles do them for around a tenner).
On wood I prefer to have a just contacting front end, but plastic and magnets prefer the just off approach from what I recall.
Coat front tyres with nail varnish.
Ensure all wheels have excess plastic removed and are round and true, then true the tyres as best as you can with what you have available.
Lube all moving parts with appropriate oil/grease.
Change the guide for a ninco pro-race sprung one.
Fit a scalextric or Slot.It bar magnet as close as possible to the rear axle centre point on the chassis. (I am not a magnut fan, but if thats your preference, thats the recommendation I would give).
Fit a Sloting Plus axle bearing/brace.
Swap rear tyres for either Slot.It P6 or some Urethanes (Wasp are very good).
Swap the motor for an NSR Evo3 21.4k, trust me you won't need anything with a higher rpm !
There is a whole host of other things you can do and buy, and no doubt other methods and things others may not agree with, but that should get you on the right road for your aim without going crazy.
An expensive option, but one worth pursuing if you intend racing more:
Buy a decent controller, it cannot be underestimated how much of an improvement that alone can make !