I don't know what people do in the motoring industry, but in cycling, everybody uses an equation based on power, rather than torque. If people used torque instead, they would need a more complex equation, the end result of which would just be to essentially convert it to power anyway. This is the standard equation used for cycling, which is almost identical to what would be used for a car, the only alteration that would be required that I can think of off the top of my head is that the Crr term would need to be multiplied by (mass + aero downforce) rather than just mass.
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