Be sure that the "makepcid" and "iRacing.lic" are saved at the root of the C drive:

Right-click on the Windows Start icon (at the lower left of your screen) and select "Search."

Type: CMD  and then press the Enter key on your keyboard

Then type in cd.. (then ENTER) until you see C:\

Then type:  makepcid_64.exe  (then click ENTER)

Check to see the license is not expired and that the license is valid: