I did it, took a while. I kept being taken out of the race by bad AI.
In the start, late brake to the left or right on the first turn to the left. You should overtake 1 car, maybe two if you're lucky. Right after they will slow down and bunch again, I take 4 cars here by squeezing between. When you're doing the big U-Turn, you need to be in 7/8th place or you have no shot to win. After the U-Turn you will bit a slight straight, stay to the RIGHT by the grass. Make sure to late bake, and take 3-4 places. You should be in 3rd or 4th place at worst here. Now you'll be at the high speed areas, and before you get to lap 2, you NEED to be in 2nd or 3rd place. If you're not, restart. This isn't an easy one, but very doable.
Also, ABS didn't help me. Do they let you turn on that skid force thing? If yes, use it. Good for noobier players. The Lotus has a lot of kick in the back wheels, should help stay straight. Other than this option, I don't think the others help that much. Course traction control will be helpful to the back wheels getting away from you, but I didn't use anything but "ABS 1". I believe that "Skid" control in options is like a wild TCS. If you can use it in this race, again, I would suggest you do it unless you're like me. Stubborn and willing to do this race 50 times.. When I learned how to pass them, I would always be in a battle for first. But man, that guy takes me out. Hate the rail riding into you in challenges. They shouldn't have a set path that much.