The Strictly Come Dancing star was taking part in the racing circuit's Classic Celebrity Challenge when he crashed into a tyre wall at 73mph.
He later tweeted: "Had complete brake failure in practice. Hit wall head-on at high speed. I'm a little beat up but OK."
Cole's friend Barry Robinson later said that he was "quite shaken up and has shocking wounds".
The dancer later reassured fans that he was fine, saying that he was "achy but good".
He added: "I'd like to send out special thanks to the medical team and paramedics for looking after me so brilliantly."
Brendan Cole recently announced that he was going to become a father with partner Zoe Hobbs.