I am not sure was it developed in this time period but I played it when I was around 10-11 so I reckon that this is accurate.
The game is a formula 1 game and i remember that it had good graphics and the game was very green, like it had a lot of grass and I remember that when you would drive way too off the roads and the greens you would fall into nothingness,empty space.
I also remember that the racing tracks were really crazy with a lot of spins, they were really rollercoaster-like. I dont remember if you are able to play a race with other formular but I know that I would just play alone so I'd say that it was a single player game and not a multi
FORMULA GAME AROUND 2005-2010
Well, the only thing I can suggest to you right now is to look through these lists:
https://www.mobygames.com/game-group/fo ... -licensees
https://www.mobygames.com/game-group/fo ... cing-games
https://www.mobygames.com/game-group/fo ... -licensees
https://www.mobygames.com/game-group/fo ... cing-games