The yearly Hall of Fame classes will include five inductees selected by a voting panel made up of NASCAR industry leaders, manufacturer representatives, former competitors, the media and fans.

"With the excitement already building about the physical layout of the Hall of Fame, this will add to the excitement on another front, regarding this impressive, historic project," NASCAR chairman and chief executive officer Brian France said. "We have established an orderly induction process that is inclusive, involving various industry constituencies -- most importantly, the fans."

Former drivers must have competed 10 years in NASCAR and be retired from the sport for a minimum of three years in order to be eligible. Non-drivers qualify after working at least 10 years in the industry.

NASCAR will grant consideration for potential candidates with shorter careers if there are special circumstances.

After a 20-member nominating committee selects its list of candidates, the voting will call for a total of 48 ballots.

Twenty ballots will be from the nominating committee, and 27 will come from a group consisting of former drivers, crew chiefs and owners, as well as manufacturer representatives and the media. One ballot will represent the results of a nationwide fan vote.

NASCAR plans to announce the inaugural list of candidates in June. Voting is expected to be done by September 15, with the results announced in October.

The first induction is scheduled in October 2010 when the NASCAR Sprint All- Star Race and Coca-Cola 600 take place at Lowe's Motor Speedway in Charlotte.

NASCAR also announced its board of directors will designate a special Hall of Fame exhibit, honoring the sport's "founding members." NASCAR's pioneers, who also will be eligible for nomination, will be permanently recognized at the HOF, and the original group can be added to in the future.