CAN announced on 7 August 2003 that the awards had been created. The first awards ceremony was held on 10 October 2003 and the awards have since been awarded approximately annually. There are several categories (four initially, since extended to five), and in each category there are up to five finalists. Those finalists are announced some time prior to the awards ceremony, enabling representatives to attend the awards function. In each category, one of the finalists is announced the winner during an awards ceremony. The awards function is typically combined with the biennial NZ Cycling Conference, or with the annual get together of CAN in the intervening years. Finalists receive a certificate. Winners receive a certificate and a trophy.