http://www.youtube.com/watch?v=pV7glEHIKK4
Not much other info is available at this time. I quite like the concept and the game sounds pretty fun. The graphics look pretty average when you look at the cars, and compare them to Forza 4 or Gran Turismo. Or maybe that's just me.
I hope this is open-world, then it would be the expansive, dynamic game Test Drive Unlimited was supposed to be. But, looking at way the menu is setout, it looks like it might just be an event based game like Need for Speed's of old.