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Congrats on your deal and glad you were looking under the car as it's the most important thing to do...not because of what you found but because it's the absolute best place to look to find evidence of tracking, which is the situation in which pushes the car to it's limit. The M3 can certainly handle tracking, but it wears things out very quickly and so the buyer should be aware of this.
There are thousands of pieces of rubber chunks from melted tires on race tracks. Those rubber pieces get thrown everywhere during an event and cars are pelted with these rubber chunks which leave black rubber marks all over the car. After the track day, the owner will usually wash/wax the marks off after each race. However, the marks appearing on the bottom of the car usually aren't removed (out of sight, out of mind) and so when the car goes up for sale, there is a evidence left over.
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