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Years ago, I was a driving instructor for BMW CCA for about 15 years running, and helped organize dozens of these events. It is a HUGE amount of fun to do. I'm not sure that an X5 is the best ride for one, but it would still be fun. These events can be pretty tough on tires and brakes. If you decide to go, a fresh flush of the brake fluid is important prior to the event. Given the high weight of the X5, I'd go with high temperature fluid. Make sure your pads and rotors are in excellent shape, and I'd consider some semi-metallic pads for the X5. Depending on the track, brakes could become an issue with an SUV as heavy as the X5. Don't be too disappointed if you leave the track with warped rotors and needing new pads.
Tires with a LOT of tread depth can also cause problems. High performance summer tires will be much less prone to these issues than all-seasons, but you can actually chunk off bits of tread. Again, the weight of the X5 will magnify this concern. Most regular driver's school participants have separate wheels with high performance tires just for the track, but this would be overkill for a first time participant. It will take numerous events to get anywhere near the limitations of your vehicle.
One other thing to keep in mind is that it's almost impossible to total a car at an autocross, (I HAVE seen two rollovers though in many, many years of participation). The risk factor is MUCH higher during a racetrack driver's school, and there is a small but distinct chance of seriously damaging or even totaling your vehicle. It does not necessarily have to be your fault, you could have a tire failure or other mechanical failure. Another participant could drop oil on the track; there are any number of unforeseen events that could cause an accident. When you're going at high rates of speeds, things can happen. And your collision insurance is likely to be null and void. I know you can buy separate event coverage for your car, but I can't provide a source at this moment. So if you're ready for the risk to your X5, go for it. When you add up all the costs, it's a pretty expensive day; but hard to beat on the fun scale.
If you don't want to take the risk with your X5...there's always Skip Barber.
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2014 BMW 328i Xdrive
2011 BMW 335i M-Sport
2008 BMW X5 4.8i Sport
2000 BMW 528i 5sp
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