It stands for Team Racing Auto Circuit. It is a new stock car racing series slated to start in 2003.
Initial plans call for eight to twelve two cars teams to be competing when the series debuts.
Safety, parity and cost containment are listed as goals of the new series, and noble goals they all are too. I'm going to have to say right off, the name should probably be changed. TRAC statements are careful to note they do not plan to compete with, but rather complement Winston Cup racing. Races will be scheduled to avoid conflicting with current Winston Cup races. For instance, you might have a team representing Dover called the Delaware Destroyers.