There's already an Olympic-like event that sees drivers compete for their countries
If you're not familiar with the Race of Champions, you should be. It's a multi-day meet that pits the world's best drivers from various disciplines within motorsports against each other. They race in several different vehicles, but always compete against each other in identical machinery -- ensuring that it's the driver that makes the difference.
The truly Olympic-like part, though, is that there's a Nations Cup, which sees drivers compete as a team to win the overall championship for their country. In case you're wondering, the USA won the Nations Cup once, in 2002, with NASCAR greats Jimmie Johnson, Jeff Gordon, and Colin Edwards on the roster.
There's still time for the Tokyo Games in 2020
A sport must be approved at least three years before a given Olympic Games. The IOC recently announced five new sports, but there's no reason it can't announce more. Japan is as motorsports crazy as anywhere, and it would be an excellent place to at least trial a couple of events. IOC, I'm talking to you: it's time. Motorsports should be in the Olympic Games.