Race bikes are owned by either the drivers or trainers and infrequently the owners although some tracks keep an emergency bike of their own on hand in case of a breakdown.
Those bands are not bands but knee boots to keep the horse from injuring itself when it goes to its knees…not falling but a form of front end interference. There are many kinds of knee boots, in materials ranging from felt to hard plastic with a metal insert for the hard knee knockers. Also, there are boots for front shins, hind shins, speedy cuts, over reaching, elbows (trotters only). crossfiring, and even a thing called a Go-Straight to help a horse not hit himself from ankles to knees and beyond. That is only skimming the surface of the equipment that may be needed.
No, the incidence of break down is actually lower because of the gait. ALso because of the gait, the track needs to be harder as in either trot or pace, the horse hits, slides and takes off rather than hits, sticks and takes off.
Knee action is mostly irrelevant as long as the stride length and speed are both there…you don’t want something that is a real daisy cutter nor do you want something that has a front end that looks like a sewing machine at high speed.
Breaking rule roughly reads when a horse breaks the driver must take back and lose ground where clearance exists and get the horse back on gait. If a horse is lapped on break at the wire, the breaking horse will be set back and may or may not finish in the money as a result of the penalty, but the race time stands.
Pylon violation - driver fines ranging from 50.00 and up and enough offences may give a driver a ‘holiday’ aka driving suspension. If the violation goes so far that the horse takes a shortcut across the infield, the horse is disqualified and may have to requalify and the driver gets dinged too.