A jury of ex-drivers, team principles race promoters and journalists decide the results and determine the best driver across five of the most popular race series in the world.
Drivers in Formula one, GP2, Indycar, NASCAR and World Rally Championship racing will all vie for the top spot. A points system developed by TAG Heuer is employed, awarding points to the top five finishers in each event.
Extra points are awarded for special feats like fastest lap or winning the most stages in a rally event. Then a formula is applied to the raw points totals and the 'best driver' driver is determined, race-by-race, each week of the season. At the end of the year, the driver with the most points will get a TAG Heuer Racing Awards honor.
The watchmaker counts upwards of 150 drivers among the five series that are being tracked for the year-end points tally. The company's main hope for the awards will be to unite the different genres in a common pursuit, and to help popularize races across audiences that might not have previously paid attention to more than one or two of the five categories. The cross-promotional attempt is one of the first of its kind, but even racing greats like Alain Prost think it's a good idea.
"I think the public will be given information about categories, drivers and performances they may have never heard about before," said Prost.
The jury will consist of some legendary and influential names from motorsport, including rally legend Michele Mouton, Prodrive boss and chief of Aston Martin Racing David Richards, four-time F1 World Champ Alain Prost and Goodwood Festival of Speed founder Lord March, among others.
To keep up with the awards as they progress, check out the Racing Awards home page. Currently NASCAR's Kyle Busch sits at the top of the charts, with Indycar's Scott Dixon and WRC's Sebastian Loeb immediately behind in second and third. Reigning F1 world champ Kimi Raikkonen sits in sixth place, with teammate Felipe Massa right behind in seventh. Giorgio Pantano is the highest-ranked GP2 driver, sitting in tenth place.