From noon, cars will race 402m down the Wetherstons straight in a bid to clock up the fastest time.
Lawrence Car Club president Bill Bazley said each driver would have four or five runs, their fastest time determining the winner.
The record time stands at 9.4sec.
The event runs from noon until 4.30pm, and the road is closed to traffic from 11am until 6pm. Senior Constable Robert Wallace, of Lawrence, said alcohol was banned from the event.
The quarter-mile event is signposted at both ends of Lawrence. Spectators can park in the rodeo arena, then walk across the bridge to the banks overlooking the raceway.
All money raised at the event goes to local services - ambulance, fire service and hospital.
If wet, the event will be held tomorrow.
