You have a very odd combination of settings IMHO. 1/200 at f/32 and 1250 ISO is, I think, quite unusual.
Your shutter speed is not too much the issue, although I think a slower speed would be better, combined with more skill/practice, but f/32 is pretty crazy. You absolutely do not need anything like f/32 for DOF, and it will cause horrendous diffraction softening at the pixel level. As a consequence of the crazy aperture value your ISO is also through the roof (relative to where it could be and ought to be).
Just to put things on a more even keel, if you'd been at f/8 (4 stops brighter) you could have shot at 80 ISO (4 stops less gain, but not available, of course) so perhaps f/9 and 100 ISO. That would have done great things to improve IQ on various fronts - sharper, less noise, less NR for the noise = sharper still.
From that point you could then juggle your shutter speed and make small adjustments to aperture to compensate. e.g. 1/100 and f/13 to maintain the same overall exposure. Unfortunately, based on the example shown I don't think your panning talents were quite up to it on this shot, so 1/100 would hardly help, but practice, practice, practice will get you there. I don't find it easy and each time I face a panning situation, which is rare for me, it takes a good while for me to get my eye in.
Here's an example at 1/80, f/7.1, 100 ISO, after a few practice runs....
EDIT : Just seen your reply. Yes, a high shutter speed helps reduce shake, but it also destroys the illusion of speed, because it freezes the motion in the frame. That includes the rushing background as you pan with the vehicle and also the blur of the spokes. A slower shutter speed enhances the sense of motion, but makes the shot more challenging to pull off. That's where the practice and skill play an important part (maybe luck too for some of us

).