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Actually, there's generally quite a few good studios when it comes to racing games: Bizarre Creations, Codemasters, Turn 10, Criterion and Polyphony Digital (if they ever get around to releasing their games that is) all spring to mind.
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Codemasters games are always solid (Except that football management game they did but a guy who worked on that assured me that wasn't their fault). Polyphony are certainly masters of the timetrial game but have never really made anything you could call a
racing game per se. Criterion doesn't really exist anymore since they were sold to EA and taken in-house. The Directors did start a new studio but I can't remember what it's called off the top of my head. That's not to say you won't see any decent Criterion games again, although my dissapointment with Burnout Paradise is no secret.
Although they're not around anymore, Bitmap Brothers
never made a bad game and the Acorn games made by 4th Dimension were all spectacularly good and in many cases, years ahead of their time. But for the hilariously small user-base killing the platform, they might have made a fucking fortune.
There's nowhere I can't reach.