Here is a single color palette for a racing car theme:

1. Color Name: Midnight Black
   Hex Code: 
                            
                            #000000
                        
   Description: This deep black shade represents the sleek and stealthy nature of a racing car. It exudes power and sophistication.

2. Color Name: Velocity Red
   Hex Code: 
                            
                            #FF0000
                        
   Description: This vibrant red hue symbolizes energy, speed, and excitement. It captures the attention and signifies the adrenaline rush experienced in racing.

3. Color Name: Chrome Silver
   Hex Code: 
                            
                            #C0C0C0
                        
   Description: This metallic silver shade adds a touch of elegance and modernity to the racing car. It enhances the car's appearance and gives a sleek, futuristic feel.

4. Color Name: Racing Green
   Hex Code: 
                            
                            #004225
                        
   Description: This deep green color represents the heritage and tradition of racing. It evokes a sense of nostalgia and showcases the car's connection to the racing world.

5. Color Name: Electric Blue
   Hex Code: 
                            
                            #00FFFF
                        
   Description: This vibrant blue shade signifies speed, dynamism, and high performance. It adds a sense of energy and intensity to the racing car's overall look.

6. Color Name: Carbon Fiber Gray
   Hex Code: 
                            
                            #808080
                        
   Description: This dark gray hue with a slight metallic sheen represents strength, durability, and a modern aesthetic. It adds a touch of sophistication and resilience to the car's design.