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Police said emergency services were alerted to the crash in Templeton at 10.40am today.
The first round of the national drag-racing championship was being held.
In a post on the Pegasus Bay Drag Racing Club's Facebook page, the club says there was a serious incident at the Ruapana Raceway and the meeting had been cancelled.
Inquiries into the circumstances of the crash are under way and WorkSafe has been notified.
The fatal accident does not count towards the Labour Weekend holiday road toll.