The Racing Format is simple , Have a good time , race as clean as possible and build your car to suit the class its running in.
Races are generally run in 2 or 3 minute heats , each car and entrant will run one heat on each lane .
The computer will sort the race times , fastest laps etc for each entrant to sumarize a result.
Some race formats will be done over a period of time - eg the Trans Am series will run for one year and all event nights will be totalled to get a total series winner , 2nd place 3rd place etc. via a points system
Some race formats will be in the form of a long event - eg LeMans or V8 Supercars(Aussie V8s) which is a team event consisting of a team of between 2-4 entrants driving one car for a long distance type event where each driver in a team must complete a minimum amount of laps
Some formats will be fun nights - eg Bomber/Dirt Speedway race this is a race where it is allowed for a driver to tag his opponent out of the slot ( tag not bash please ! ) The idea is to accumulate a set amount of laps before your opponent does - No marshals for this event each entrant must marshal his own car back into the slot generally first to 200 laps - 50 laps on each of the four lanes - This race is so we can burn off the pizza accumulating on our belt lines 
Other fun night formats can be run