I would like to suggest a third option
If realtime reflections are implemented allready, then it should be pretty easy now, to add a pseudo-dynamic cubemap.
Such cubemap's eye point would be placed somewhere on the track (position will be defined in .scn file).
It would be updated once every x seconds and would not include moving objects like cars.
All cars would use it, so they can reflect the actual sky, not some static sky. This should work nice with daytime cycle.
Static cube is simply not enough - sky is brighter on the east in the morning, and on the west in the evening. It also changes colors etc.
This could also be used as an optimization - cars closer than 50-80m would use realtime cube, and cars further than 100m would use pseudo-dynamic cubemap.
EDIT:
By the way - cubemaps really should be HDR, so they don't clamp color values rendered into them. If you render a very bright light glow into cubemap, and car would reflect only like 40% of environment, we would still like to see white reflection on car, not grey
