A video posted to Facebook from Friday night's racing shows a streetstock turning a corner before suddenly hitting another car and launching over the fences around the track, flipping just metres from the crowd.
The other car on the track also flipped over multiple times, ending on its side at the track wall.
Speedway New Zealand president Ricky Bolton said the driver whose car crossed the barrier was shaken, but no-one was harmed.
"This is a freak accident," Bolton told RNZ.
"We haven't had a car breach one of our fences at a speedway venue for a very very long time. Actually, the last time that it happened - I can't actually remember."
He said fence standards were last raised to the current height of 4 metres ten years ago. But investigators would consider whether an improvement was needed and if anything could have prevented the crash.
Mikaela Cruden, who captured video of the crash, said it had been frightening to watch.
"I was sitting very close to where it happened and happened to be videoing at the time which amazes me. [It] was very shocking seeing the car come over the fence.
"They called the meeting off and asked everyone to make their way out of the arena. Thankfully everyone was okay."
Cruden has been going to the speedway for about 15 years, and also had never seen a car go over the safety fence.
"It's probably testament to our new fences that managed to slow the car down - [that] it didn't end up going further," Bolton said.
"There's always room for improvement, and our investigating team will come back to Speedway New Zealand in due course and give us their full report."
Racing at Beachlands Speedway was scheduled to go ahead Saturday night.
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