You didn't lose it, you never had it. It's pretty obvious from the get-go that the driver of this Mustang wasn't really in control right from the start.
He's throwing up huge clouds of smoke, and gets left behind by the other car quickly. He pretty clearly can't get any grip at all, but he keeps his foot down and slides into the wall. It seems stupid to stay on the gas like that once it's clear you've lost it, but it's possible that by the time he realized that he couldn't recover it, it would have been worst to lift off. Or maybe he's just an idiot, we don't know.
The driver follows it up by getting angry at the guy filming. He's not the one who crashed your car, guy.
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