I think you've got the makings of a logo that could be fantastic, but it just needs a bit more work done to take it there.
The concept of the cheetah head is a great symbol to represent racing. Everybody knows that cheetahs are really quick animals, and to pair that with a tire-like shape is great. The logo mostly suffers when it comes to the details, though. I think you could probably remove some of the cheetah illustrative elements and still have a cheetah-like shape. Namely, get rid of those whispy, thin lines and stick with bolder shapes, wherever possible. Also, having the cheetah head "cut out" of a circular shape is starting to work, but you need to do the cut out to a broader extreme to keep odd shapes from appearing (like the shape created underneath the cheetah's chin...that's an awkward shape).
The "pardus" font is also kind of suffering, as it feels very old and done-before. I've seen it many times and while it does serve the purpose of feeling like a racing font, I think there are others out there that could do the job better. The placement of the word "RACING" also feels kind of misbalanced when juxtaposed against the cheetah head mark.
The 2-color scheme is nice, though. Using the yellow-orange sparingly is also kinda cool.