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Attended some races on the weekend trying to attain a speed shot at 1/50 or less...this was the best I got...but all the others are hopeless...whats the trick to it???

One word: Practice.

1/50th is slow, so many things can effect it, wind, your body type, a strap dragging in the breeze, any very slight vertical movement, slight unexpected movement of the vehicle, many many things. If I shoot that slow, I'd be happy with about 1 in 10 turning out.

This image looks good and the old BMW looks great, I remember them as a kid racing at Mt Panorama.

As far as technique goes, personally I find it easier to start panning slightly faster than the vehicle and catch up with it. As my focal point gets to where I want it on the vehicle, I slow slightly, down to the relative speed of the car and take the shot. At such low speeds even poor shutter release technique will have and effect, learn where your shutter releases as you depress the button, as pushing down to hard will spoil your shot.

Not a bad effort at that speed.... Its difficult as mentioned and the only thing that can make it improve is practice at such a speed....... I can think of only a handful of pictures ive nailed at a speed like that