This error can be caused for a number of reasons.
First let's make sure your computer meets our minimum system requirements.
Second, this can be caused by something being wrong with the one particular car file.
Please follow the instructions in this FAQ: Loading Error 22
Lastly, please try and rename your current Documents/iRacing folder to iRacing.old.
Then, the next time you launch the sim, it will prompt you to reconfigure your graphics and recalibrate your controller.
If this resolves your issue, and you have any setups, replays or paint schemes, you will need to move them over from the iRacing.old folder to the new iRacing folder.