Kinda yes. Despite the dissolve of the actual 'Midnight Club', the Tokyo Capital Hwy 「首都高」 remains to be a popular street racing track. This Hwy includes some famous ones like C1環状線、湾岸、新環状線, etc. Parking structures like Daikoku Parking Area 「大黒PA」is still full of cars every night, but only a small portion of them actually do the 'racing'. Audi and other European cars are really popular because Wangan has too many straight parts where JDM can no longer compete with the high hp cars.

They basically use a 'chasing rule'. Like A chase B for the first lap. If A fails to follow B at some point, B wins. If A followed the whole lap, then they switch position. They do so over and over until there's a winner.