Multiplayer Racing and Drifting is a feature that was added in Update 1.18.1.
It has two options: Quick Race and Quick Drift.
Quick Race is a Head-To-Head style race, selects a random track and sets 2 laps. For a fair race, only cars in the same class (regardless of tuning) can race each other.
Quick Drift is 4 player drift race, selects a random track and a set time to gain points by drifting. Any class of car can be used in this mode, but it's preferable to use a car with an FR drivetrain, that is better suited to drifting.