Actually, they can NOT tow your car unless you are placed under arrest or unless you are doing something as obviously non-standard as driving on rims with no rubber. They can possibly tell you that you are not allowed to drive it home and have you call a towtruck to tow it to your house, but they can not take your vehicle into their yard without an arrest warrant. They can however, trick innocent little kids who agree with everything the fatfuck(yay im profiling just like they are) says to call a tow truck and tow their car home for absolutely no reason.
And about this street racing law, if there was no other cars involved, they can not issue the street racing penalty (thats federal) unless they have prime evidence.
So just chill, listen to the pig thats talking, let them walk to their car and back, and once they start to trip on street racing, say, just because I have a modified car does not mean I street race, tell them that you race at the track and my vehicle meets all the standards. And than they will give you a ticket to go to the inspection and you will be on your way.
And yeah, dont be an idiot and sit in your car until the flatbed gets there. And if the tow truck driver teams up with the cop, tell them that although according to them you seem to be at fault, the damages to the goods on the vehicle while being towed will be pressed charges to the towing company and that you have done that before.
Know your rights suckers.