You'll need:
Before putting any electric to the motor, take it out of the car and put it in a cup of WD40. I used 2 cut down beer can bottles. I the photo below you can see the little motor hanger a made to keep the motor steady. Otherwise the gear will end up beating on the side of the aluminum cup. So now that the motor is submerged in the WD40, apply 3V-4V power to the motor. It's suggested to leave it running for 24 hours. MAKE SURE YOU HAVE A QUALITY POWER SUPPLY IF YOU'RE LETTING RUN OVER NIGHT. After the 24 hour run time, you should have a nicely polished comm. Now remove the motor from the WD40 and let drip dry for a few minutes. Then take canned air or a compressor and blow out the motor. Once the bulk of the WD40 has been blown out you then submerge the motor in CRC Electra-Motive(I'm sure there is other stuff you can use but we use this). Let it run in the cleaner to remove the excess WD40. After about 5 minutes, it should be safe to remove the motor. Repeat the drain and air process. When you are satisfied that the inside is dried out, add a drop of oil to either end of the motor shaft. Install the motor. If all goes well, you should be enjoying a smooth running slot car.
This will also work on motors that have already been run but for best results, do this before running your cars.
Good Luck,
Bruce@Cincyslots