NOT the DiCaprio one - I like this one much better.

A hotshot car racer persuades the class president of a small Minnesota high school to gamble on illegal car races to raise money for their school facing closure.

Part teen rom-com and part racing flick, and Stephen Sommers’ directorial debut. Good cast - Matt Lattanzi as the caustic, moody and unexpectedly studious racer/delinquent and Loryn Locklin as the beautiful-under-the-frumpy-exterior class president, and the always-great M. Emmet Walsh as local villain Johnny “The Fat Man” Phatmun. Good cheesy fun.

IMDb link