The single-vehicle crash happened at around 5.30pm yesterday evening, in the Gortaclare, Bellharbour area of the Burren.
The 34-year-old man, named as Simon McKinley from county Meath, was taken to University Hospital Limerick, where he was later pronounced dead.
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A post mortem examination is expected to take place later.
In a statement released on their website, Motorsport Ireland said, as a mark of respect, the remainder of the event has been cancelled.
They've also extended their sympathy to the man's family and friends.
