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He was taking part in the Hawke's Bay Club's annual track day at the time of the crash. A track manager at the park said a vehicle was considerably damaged when it hit the tire wall around 1pm today.
The driver was taken to Taupo Hospital in a critical condition but died later as a result of his injuries, police said.
A passenger in the Ferrari escaped with minor injuries.
A spokeswoman for the park said the driver was a regular user of the track. It costs between $1000 and $6000 to book the track for the day, she said.
Hawke's Bay Club members participating in the track day were required to pay $150 to take part and any car was eligible including classic, vintage, sports cars and family saloons.
Participants were required to wear helmets and fireproof apparel. The vehicles must be registered, warranted and mechanically safe and the race cars must comply with Motorsport NZ regulations, the club's website states.
- By Brendan Manning of APNZ