Looks like they may have used twitch. Its an after effects plugin which is used to easily create animation like the titles in that video.
The workflow would be create the title, it may be hand drawn and scanned, drawn in photoshop ect ect.
Bring that into after effects
Apply twitch to the title layer
Use the built in animation engine to do the animation.
If you wanted to get get slightly more advanced, you could use something like soundkeys (a plugin from red giant) to create keyframes from your audio.
You can then drive twitch from the keys created from soundkeys, so the animation follows the song.
It may sound a little complicated but its infact incredibly easy to do.
Check out videocopilot.net for more info.
How do you make titles like the one above ^ Also the names of riders. 
