The classical Frank kinetic scheme for spontaneous chiral stereoselection is extended by allowing for a racemization process between the enantiomers. The model is solved analytically and its fundamental properties are determined. Two basic features of the Frank model with racemization are the following: (a) The system (which at the initial moment has to be in an almost racemic state) will either become fully racemic or almost monochiral. This depends on the relative speeds of racemization and of autocatalytic formation of the enantiomers. (b) The transition from an almost racemic into an almost monochiral state occurs suddenly, much after the start of the time-evolution of the system.