FYI - American Iron Lap Record at CMP is 1:48.8 (5/1/2005 - A. Kirby - Mustang)

Last AI race I saw there, I believe this was 2003, the top three were in the 49s.
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LR taken from http://www.nasaracing.net/NASA%20LAP%20REC..._FINAL_2007.xls

They typically ran within a tenth or two of the Honda Challenge H1 fast laps. The H1 LR at CMP is a 1:48.926.