I haven't seen any racing champions for sale as of late at my local wal-mart, and even on E-bay. Did Racing Champions get bought out or did they take a break?

yes they were bought out. RC2/Ertl/ JL.

they do still make a few promos. or did.

I'm about sure they're out of that business.

scrambler, i've heard rumblimgs they are out of, or getting out of diecast altogether. going into childrens toys and apparrel i heard.
don't they still make press pass race cards?

I don't know they were bought out.. I thought they bought Ertl out. They still make loads of other toys, along with some baby items. Just go to your local wally-world while they are stocking at night and you will see items marked with RC2 that you never would think that they would be making. Winner's Circle is their major competitor in the retail market, and nobody can really compete with a cut-throat bullying giant like Hasbro (maker of Winner's Circle)... and action already had a lock on the hobby end.

Hasbro hasn't owned Winners Circle brand for years, they were engulfed into the Action brand. Action is now Motorsports Authentics (i.e. NASCAR). Anything NASCAR (Official) is now Motorsports Authentics including RCCA and Winner's Circle.

RC2 might still make some promo pieces for odd-ball teams or companies who want 5000-15,000 pieces. The Truck teams also seem to get promo's made thru RC2.

there is another player in nascar. MA isn't alone.
CFS or checkered flag sports bought the team caliber molds and has the rights to numerous less promenint drivers, and is producing diecast. so there are 2 compinies producing different diecast. but rc is gone.

but rc is gone.
Almost. :) There are some current NHL hockey cars available in Canada that are using Racing Champions baseplates.

they are also doing the promo for jack spragues truck ride this year. 1/24 car, 1/64 hauler and car. under racing champions...........