I'm new to this game. Please advise me which car I should use to beat blacklist no. 12 Izzy. I won Vic's Supra as a pink slip and a highly upgraded Lexus IS3000 (something like that).
The car is not the leading factor. Pretty much any car you can get your hands on, with everything unlocked - installed will do the trick. I've been able to complete the game with the fiat you can buy at the start. I've done it with the Clio you get at 6-9 and I've completed the game the last car you can buy that gets unlocked at BL3 ...
Pick a car you like and feel confident driving, upgrade it's performance to the maximum you can and try again. BL is much more skill based than car based.
By that point you can just slap on the highest available performance parts on Vic's Supra, that's actually what I used for the entire game, but it did give me quite a hard time on the higher Blacklist rivals.
The cars you would really want to get on the pink slips are (#10) Baron's Cayman and (#7) Ming's Gallardo. The Cayman can get you through the next 3 rivals pretty easily, while the Gallardo can see you through to the end of the game once you get it. Of course this means upgrading the cars everytime you get new parts unlocked.