The Southwatch racing challenge does not give an exalted armor to the winner. I have played it multiple times and won, it shows me the message of what to do with an exalted armor and makes the noise like it switches me but nothing.
It does give the blue exalted armors just not the yellow one if you win the challenge.
Cub, Pye, Bay, Fir, Ona, Myci, Baiy, Eixx