Yep - new server reset is implemented, hold the reset button for the amount of time set by the host and your car will reset.
I've set it to 10 on my servers - had a brief spell on there last night and that seems to be around the right amount of time to prevent people being beached for a whole race, but also deter reset abuse.
Server seems much more stable too, I haven't seen the kind of lag spikes on 24 players that I was seeing before.