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Mike, all accurate, except to clarify a little on the final bullet:
You must request Competitive Driving within the approximately 5 second window. If not, the car will not enter the Competitive Driving mode. For example, if you're rolling up to a stop sign and request Competitive Driving about 4 seconds before you come to a complete stop, it will enter the Competitive Driving mode when the car comes to a complete stop. If you request it 6 seconds prior to a complete stop, it will not engage.
Ed