Each event boasts a purse of $17,500, with the winner being awarded $5,000 – the series pays through to twentieth place. There is also a year-end points fund of $15,000. During the 1996 season, $225,000 will be presented.

The twelve race tour included events in the United States and Canada contested on ovals, road courses and temporary street circuits. The season starts in late January on the tri-oval at Walt Disney World Speedway. Teams remain in Florida for a race a month later on the temporary street circuit at St. Petersburg. In March, the series travels to Phoenix International Raceway to compete on the 1.0-mile oval. The championship returns four weeks later to battle on the road course. Next is the only stop in Canada for round five at Mosport Park. Returning to the United States drivers will race on the oval at Indianapolis Raceway Park. This is followed by another oval event located at Richmond International Raceway. The series only double-header weekend takes place at Watkins Glen International. Round ten is conducted at the Mid-Ohio Sports Car Course. The penultimate event of the year is held on the oval at New Hampshire International Speedway, with the finale taking place at Las Vegas Motor Speedway.

Cars in the series are manufactured by Van Diemen, Swift, Reynard and Piper. They are powered by a 2.0-liter four-cylinder overhead camshaft engine, which produces approximately 150-horsepower at 6,200-rpm. The fully-independent front and rear suspensions are equipped with adjustable sway bars and shock absorbers. The suspension attaches to a steel space frame chassis which is covered by an aerodynamic fiberglass body and wings mounted on the front and rear of the car. Thirteen-inch diameter wheels are used with a maximum width of six inches on the front and eight inches on the rear. The vehicles must weigh at least 1,175-lbs. with the driver.

The fifth round of the 1996 United States Formula Ford 2000 National Championship was held at Mosport Park as a support event for the Trans Am series. Competitors would race around the ten turn 2.459-mile road course for twenty laps.