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The manual appears to be quite clear - stay out of competitive driving, and your warranty will be covered.
However, there have been threads and posts in the past about denied coverage due to 'premature wear' from track use, including for substantial items.
My personal opinion is that it depends upon your personal rapport with your dealer, and a case-by-case basis. That being said, it's important to acknowledge that by going to the track, you do accept SOME risk, and there IS a chance that if something goes wrong, BMW MAY not cover your warranty request by claiming you "abused" the car.
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