Just found this in a back issue of the Economist:
On a wheel and a prayer.
The online article doesn't have the picture that first drew my attention to the story, but in the print edition you can see a photo of what I think is a mid-eighties BMW M5, in bright red, doing a sharp turn, and a bunch of cones.
The writer does not call it "autocross" in the article, but rather "a time trial around an obstacle course made of traffic cones in one of the few places with a big enough expanse of flat concrete: a vast hangar that normally houses a traders' market and is empty only on Fridays[...]." Sounds pretty much like autocross to me!