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I presume you UV mapped your track mesh before applying the texture? If you UV map your mesh before applying your texture then all you should need to do is apply a checked texture the same size as your track texture and that will allow you to adjust your UV's in the UV editor to eliminate any distortions or stretching. Once you have done all that, only then apply your actual track road texture and it should texture perfect.
Sorry I can't help you more, but I use Maya not 3ds Max and the UI interfaces are so different. ;)
Janaucarre uses 3ds Max; Maybe a good idea to ask him?
Hawk.