This update is really for the JVC XR-W2080, but it seems to be 100% compatible with the SAF CD Racer. This is firmware revision 2.53.
Before installing the update, read important info at
That's where I found the update files.
This ZIP file includes the SAF.EXE file from the SAF 2.47 update and the HEX file from the JVC 2.53 update.
To use unzip the file open SAF.EXE select your SAF CD Racer 2x/2x/24x drive choose ATAPI in the Bus Type box (if your drive is IDE) leave the EDC box checked click the Update button select the TEZ253A.HEX file.