The crossword solution for the term 'Racing Rabbit' is 'PACER'. A PACER is a type of horse used in harness racing, which is a sport where horses pull a two-wheeled cart called a sulky. Pacers are typically faster than trotters, another type of horse used in harness racing, and are known for their smooth gait. Pacers are often used in races that involve long distances, as they can maintain a steady pace for a longer period of time.