Weight
In order to achieve higher speeds and compete with the other Co2 racers, your car must be as light as possible. You can achieve a low weight by carving away as much of the stock wood block as possible. Carve the block into a long, thin shape with as little body mass as possible in order to create a car with as little weight as possible.
Strength and Sturdiness
Even though you want to create a thin, lightweight body for your Co2 racer, you might compromise your car's durability by making it too thin and fragile. In general, the body's width should not be less than 1/2 inch to 3/4 of an inch. If you make it any thinner, the advantage of its lower weight will be offset by the chance that the force of the Co2 cartridge or a collision will break the car's body.
Aerodynamics
In order to maintain sufficient thickness to keep your Co2 car from breaking and compensate for the additional weight of your car, you can reduce friction and air resistance by designing an aerodynamic body. Avoid sharp edges and broad, flat surfaces that are perpendicular to the car's path of motion. Sand the car's surface until it is rounded and smooth, first with coarse sandpaper and then with finer and finer grains until the wood grain is smooth to the touch.
Friction
Coat the car's axles with graphite to lubricate the points of contact between the car and the wheels. This will reduce friction and resistance as the car moves, allowing it to achieve greater speed during its initial acceleration, and it will slow the car's deceleration, allowing it to retain its speed longer than without the lubrication.