From Wikipedia: "Drifting refers to a driving technique and to a motorsport where the driver intentionally oversteers, causing loss of traction in the rear wheels through turns, while maintaining vehicle control and a high exit speed. A car is said to be drifting when the rear slip angle is greater than the front slip angle prior to the corner apex, and the front wheels are pointing in the opposite direction to the turn (e.g. car is turning left, wheels are pointed right or vice versa), and the driver is controlling these factors. As a motor sport, professional drifting competitions are held across the world."
And now all customers running drift events can select the new Drift event type under their Basic Settings. Enjoy, but uhhhh, try not to breath in all that tire smoke. :)