Experiment and Seek Advice
Most drivers will drive their cars differently than other drivers, so try a number of combinations of the factors from the following factors. If you have friends who have raced on the carpet oval track you will be racing on, ask them for some advice on the conditions there. Different types of carpet may also impact the way your car behaves.
Shock Absorbers
Carpet is not a loose, off-road surface, as some RC cars are used to. Bringing the shocks closer to the body of the car will make them stiffer, which is ideal for off-road, but not for carpet. Extend the shocks at the top and bottom as far out from the body as you can to loosen the shocks. From there, adjust as needed.
Steering
Remove any limitations on the vehicle steering, so that you have the maximum steering ability. From there, experiment with the steering and limit it by small increments backwards. You may find the steering too loose, but after a few rounds and some experimentation, you will dial in the correct level of stiffness.
Battery and Motor
On electrically powered vehicles, the battery impacts how fast or slow your vehicle's motor will run. The motor of the vehicle can create too much power and force, and in situations like this the vehicle can slip. Slipping is not ideal, so actually using a less powerful battery, or tuning the motor in your car to run slightly slower, can actually improve your handling. It may cost you a small amount of speed, but not slipping can save you time.
Droop
The droop of your car can also impact the traction of your car. A lower droop leads to increased traction, because it minimizes wind resistance. This only works on the car to a certain point, however. Too much droop can lead to bottoming out. Try a number of different levels of droop until you find the ideal height of the car.
Follow the Rules
Many RC carpet ovals hold regular races. If you compete, make sure your car fits within the specifications outlined in the rules for that race. If your car is illegal, then you won't be allowed to compete.