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The last year was my first time at the track and my first time racing. It is amazing how much I have learned in addition to just the improved riding skills.
1. how to work on my bike.
Prior to buying a track only bike I did a little tinkering and generally understood how to work on cars. In did a little work on my two street bikes (changing the oil, etc.), but I didn't really appreciate what to look for and how important it is to care for your bike. Having to take care of a track/race bike has taught me a lot.
Previously, I would take my bike the dealer for service and assume they did everything correctly. They did, but now I realize (1) how much stuff they could screw up, (2) that they were not magicians/infalible (I can do the same stuf in my garage without destroying my bike), and (3) how to properly check over my bike for safety issues (e.g., checking to make sure bolts are tight, checking tire pressure and brakes more often, how to adjust the suspension, etc). Now it almost seems crazy that I just picked up my bike from the Harley dealer, jumped on, and rode away - assuming they did everying correctly. Also, I'm now confident I can tackle most any project on my bikes.
2. how to ride with reduced traction
Taking a 2k mile trip through twisty, rain drenched, cold roads in California would have been less fun if I didn't have the confidence gained from riding around the track in the rain. Having some idea of what the bike can do in the wet and how the bike handles when you push the limits of traction allowed my to enjoy those twisties.
3. how dangerous it is to ride on the street
After crashing a couple of times on the track I realized that just because I never crashed on the street didn't mean it couldn't happen. It made me realized that you can fall off.
Also, You would think that riding at the track would make you overconfident on the street, but for me, it was the opposite. There are open areas to slide off/run off on the track, there are too many immovable objects lining the streets.
4. I'm out of shape
I thought I was in reasonable shape, but three days at Holmstead in hot, humid Florida showed me I wasn't. Getting off the bike after a race and having rubber legs showed me I needed to take better care of myself. Maybe I was really out of shape, but it is amazing how much a race can take out of you.