Ever seen the show Top Gear? It wouldn’t surprise me if these kids were trying to emulate it.
No, doubt that.
UPDATE:
Video - http://link.brightcove.com/services/link/bcpid294382118/bctid1392485027
It appears that the kids were simply going for a top speed run and didn’t brake until far too late.
Vehicle appears to be a 2008 BMW M5, as listed here: http://www.m5board.com/vbulletin/showthread.php?t=111545