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Quarter scale tractor pulling is still going on a the college level.
Every year, the Agricultural & Bioresource Engineering team at the University of Saskatchewan builds a quarter scale pull tractor, and competes in the spring at an American Society of Ag Engineers-sponsored event against engineering school teams from across Canada and the states. The engines and tires are standard and some rules apply; the rest is up to the design teams. Pulling perfomance is one criteria; the competition also rates agility, safety, the design report etc.
When Rick Mercer visited the U of S (episode aired Nov 6); he was visiting the (Mech Engineers) SAE scale race car team, but when it came time to drive they put him on last years 1/4 scale three-engine tractor:
(Scroll down the left side to RMR Videos:
Season 5
Episode 6 (Nov 6, 2007)
The Engineering segment is toward the end of the video; pull the slidebar over to about 4:28 to see Rick and the tractor in action)
It's a real great activity for the students; its run as a multiyear activity (students at all levels participate and learn from each other) and get to combine design with hands-on building, testing and results