I haven't ranked up to rank 3 (SRL) yet but I hear it drops pretty good rewards the higher your rank, especially if you use a 3OC.
What's the best reward drop you received from sparrow racing?
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320 helmet from the race that took me to rank 3, was only about 40xp into rank 3 at the time. Also got a 317 two races later used them both to infuse a decent intellect/discipline one to 320.