A comprehensive race car simulation software package, known as HP-VEHSAP, has been developed. The software is based upon a complete system model of a race car and can be applied to the study of all aspects of race car performance. It features a component model library that allows simulation of any type of race car with different levels of detail. The software can predict lap times, perform transient simulations and calculate steady state vehicle characteristics. Several application studies using HP-VEHSAP demonstrate the usefulness of the software for improving race car design and set-up.