You can retire (forced termination) by driving the wrong way in-game for more than three seconds when you've set your retire settings to "Yes" in the Car Data Confirmation Screen. Retire settings are valid outside of the In-store Interruption Versus Battle.
If you select "YES" on continue, the game returns to the beginning of the Game Mode that you were just playing. When continuing in the In-store Interruption Versus Battle, the players who selected "YES" on continue, will race again with the player who was in first place.