Eligibility for induction into the Hall of Fame is available to anyone who has driven, piloted, ridden, owned, designed, built, supported, maintained, prepared, or promoted motorized vehicles in pursuit of speed, distance, endurance, or other records: or in racing, endurance or other competition. To be eligible, an inductee must have been retired for at least three years or must have been engaged at the top level of his or her specific field for at least 20 years. Induction is limited to United States citizens or non-citizens who have recorded significant achievements in the U.S.
A panel of historians, retired competitors, journalists, and prior living inductees vote for the final selections. Each inductee receives the Hall of Fame's prestigious "Horsepower" award -- an original bronze statuette created by Ann Arbor, Michigan sculptor Michael Curtis.