Vintage slot track racing

Very cool but I'm confused what the steering wheel does?? There were no steering on any that I ever had, it was the slot that steered them. Too fast and you fish tailed or jumped out of the slot.
From what I remember, when you got to a curve you had to turn the wheel to keep that section hot.
If not, the car would coast to a stop.
There have been slot tracks like this in different places off an d on over the years. Interest always seems to wane. I think the shops sold cars and you could get really competitive building and racing them.
I've seen larger vintage slot cars that had actual steering. They were about the size of a 1/25th scale model car.