Can I report cars drag racing in front of my home?

About once a month some kids and their friends who live in our neighborhood will line up at the stop sign in front of my home and drag race out to the main road. (I am pretty sure they are from around my neighborhood because it is not a likely place for them to just be driving through. Think like deep in a suburban sub division.)

They always take off too soon for me to get any vehicle description. By the time I hear them and get outside to look they are way down the road.

I live in a very sleepy neighborhood and have a child who will soon be playing in the front yard. I don't want him getting killed by idiot kids and their cars.

One day I will get the licence plate of these people by following them with my car if I have to. My question is, what do I do once I have that information?