The complexities of the automotive electronic system inside the vehicles are increasing daily. To guarantee the safe operation of vehicles, it is of great significance to acquire vehicle data in real-time to realize the real-time diagnosis of the vehicle. The role of this real-time diagnosis becomes very essential in formula student race cars. In this paper, we propose to realize a cost-effective STM32-based data acquisition system (hereinafter referred as DAS) for a formula student race car in India. DAS is generally connected to various nodes, where the vehicle data transferred from the child node (sensor nodes) to the parent node (DAS) and stored for further implementation. CAN communication protocol is used for lossless and high-speed data transmission. The acquired vehicle data are parsed and analyzed preliminarily and then the results are applied to various real-time applications. Through the implementation of a prototype system, the feasibility and effectiveness of the proposed design of this designed DAS are verified with the implementation of an Electronic Differential in a formula student race car using the data collected from the DAS and the Ackermann Geometry.