The Team USA selection process of today is exhaustive, stretching over many weeks and consisting of three stages. The first involves the arduous task of vetting and selecting the nominees – 14 this year – from the large and diverse universe of candidates and is handled by Shaw himself (although Jeremy notes that he draws from a wide variety of sources). Some say Jeremy is American road racing's top talent scout, so being among the nominated is high praise and carries great weight regardless.

The second stage features face-to-face interviews of the candidates by an impressive panel of racing's movers and shakers. This took place during the IndyCar/ALMS/World Challenge weekend at Mid-Ohio in early August.

From there, Shaw culled the list down to eight finalists who were evaluated for their technical, physical and emotional performance during a series of competitive trials. This year, they occurred in Southern California on Aug. 27-28. Hopefuls were subjected to rigorous testing at Chas Lawrence's Seat Time, LLC motorsports simulation facility in Santa Monica, using Chris Considine's state-of-the-art full-motion CXC Simulations. The finalists were also treated to a three-hour seminar on mental preparation hosted by noted performance expert and founder of Performance Prime, Dr. Jacques Dallaire.

The most challenging test came during an on-track shootout utilizing Allen Berg's excellent formula car racing school based at the road course at Auto Club Speedway. The track was kindly made available by the speedway's management in support of Team USA. The shootout was greatly enhanced by the data analysis skills of engineer Stefan Dwornik using Berg's MoTeC data loggers overseen by Chris Brown.

Others notables who supported the final evaluations this year included IZOD IndyCar Series and ALMS veteran Townsend Bell, Porsche icon Patrick Long, Trans-Am legend and current ALMS GT2 Viper racer Tommy Kendall along with Team USA Alumni Connor De Phillippi and Joel Miller. Media horsepower was provided by Automobile's Preston Lerner, Edmunds.com's Michael Jordan, legendary RACER and AUTOSPORT photographer Michael C. Brown (whose photos of the shootout you see here) and a talented video production team led by RACER's ace photographer Tony Di Zinno, with supported by experienced shooters Russel Sasaki and Mark April. Let's just say this was very serious business and not unlike what young racers will experience should they be fortunate enough to progress to racing's top echelons.

I was fortunate enough to be present to witness the on-track shootout and can attest to the commitment to excellence both inside and outside the cockpits. Berg's carbon fiber Formula Renault cars (ABOVE) are modern, fast and safe. They were ideal tools for finding greatness and each and every candidate impressed me with their ability and desire. Shaw and his collaborators left nothing to chance in making the right choices as to who will represent their country on the global stage.

These eight young racers are vying for three fully funded rides in England later this year. Two will be entered under the Team USA Scholarship/Cliff Dempsey Racing banner in the British Formula Ford Festival at Brands Hatch on Oct. 27-28 and the Walter Hayes Trophy at Silverstone on Nov. 3-4, while one slightly more experienced driver will be invited to contest the final two rounds of the Formula Renault BARC Championship at Silverstone on Oct. 6-7.

Within the next few days, Jeremy will announce who the final three will be but take a moment to appreciate the 2012 Team USA Scholarship finalists for experience shows us that they represent a peek at the future history of the sport:

Neil Alberico, 19, from Redlands, Calif.

– Cooper Tires USF2000 Championship Powered by Mazda

Matthew Brabham, 18, from Manalapan, Fla.

 – Cooper Tires USF2000 Championship Powered by Mazda

Jake Eidson, 17, from Littleton, Colo.

– Skip Barber Race Series

Conner Ford, 16, from Carson City, Nev.

– Pacific Formula F Super Series/World Challenge B-Spec

Sean Johnston, 21, from Mt. Shasta, Calif.

– IMSA GT3 Cup Challenge

Jack Mitchell Jr., 16, from Clarendon Hills, Ill.

– Skip Barber Race Series

Brandon Newey, 20, from Carmel, Ind.

– F1600 Championship Series

Tristan Nunez, 16, from Boca Raton, Fla.

– Cooper Tires Prototype Lites Powered by Mazda

Remember their names – each of these young men possess the talent to live their dreams but once Jeremy's announcement is made, three will see their chances of becoming the next great American racer improve exponentially. This really is the “big break” young drivers dream of.

Also remember that the entire sport owes Jeremy Shaw a debt of gratitude and, more importantly the financial and moral support to move Team USA forward. If you feel you or your company can contribute, please visit http://www.teamusascholarship.org/ and click the contact link to connect with Jeremy and help create the future of American racing. From first-hand experience, I can promise you that you will be rewarded in ways you can't yet imagine.

• Paul Pfanner is the founder, CEO and executive publisher of RACER magazine