As you can see from reading the Alpamysh, horse racing was a big part of Central Asian culture. You probably don’t have horses to ride, but you could have bike races and get some of the same feeling. Find a public racetrack in your neighborhood and use that for your bike race.
There are lots of different ways to organize a bike race. You could just all start at the same time and see who gets around the track fastest. Or you could organize a relay race, or a race where you have to bike around once and then run around once. What will you use for prizes?
In Central Asian culture, people held bike races because they wanted their kids to know how to ride well when they grew up. Today, knowing how to ride a bike well is also a useful skill, and these races will help you to ride better, just as the Central Asian races helped kids a long time ago.