I looked in the Help menu, but I didn't see how to save elements...do you have to save elements piece by piece?
Group select all the *track pieces* that you want to be your element. Then the menu option should be available.
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In case you didn't know, you hold the shift key and then click on multiple track pieces to group select. Also, as emphasized by ApolloAndy you must only select track segments and NOT vertices.
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Thanks!
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