Castle Toy Newport 500 (1980, LED, 1 9 Volt + 3 D Batteries, Model# 607)
Probably mostly mechanical, but it does have some electronics. The lap counter is an LED display, and the opposing race cars light up by way of 12 normal flash-light type bulbs inside the game (the game also comes with 2 spare bulbs). It says 'Computerized Racing' on the box. It's also huge, about 14 inches long. (Mine is sealed, so I can't play it.)