The Junkyard 500 is a parody of these race tracks notably the Daytona 500.
Another One Bites The Dust, said by The Junkyard Dog, is influenced by a top ten song by Queen.
The song Junkyard Dog plays on the jukebox is Jim Steinman's "Hulk Hogan's Theme" which Hogan used as his WWF entrance song between 1985 and 1986 when he started using the now famous "Real American." The music for Bonnie Tyler's song "Ravishing" was based on "Hulk Hogan's Theme."
Comedic live action vignettes with Bobby 'The Brain' Heenan, Hulk Hogan, 'Mean' Gene Okerlund, Nikolai Volkoff, The Fabulous Moolah and Captain Lou Albano are spliced throughout the episode.