There are prices at stake, so yeah... competition is still going, and people should use the time to get better at their driving.
The last I heard from Timpsi was that he was going to create a couple of extra tracks (in addition to the planned number) to make up for the time this topic has been neglected.
The reason this competition has faded is that a lot of issues appeared in Timpsi's life, so he needs to adjust (plus he had a server breakdown).