Lexus Australia and the 2011 Formula 1Qantas Australian Grand Prix have announced an initiative benefitting the Red Cross Victorian Floods Appeal by auctioning a drive in the Lexus CT 200h Celebrity Challenge via eBay.

The auction offers the highest bidder the opportunity to participate in the thrills of racing on Melbourne's Albert Park Formula One circuit and of mingling among celebrity competitors.

The auction for the once-in-a-lifetime opportunity will benefit the Red Cross Victorian Floods Appeal with all proceeds from the sale going to individuals, families and communities in areas affected by the widespread flood damage.

Lexus Australia chief executive Tony Cramb said the auction was just one way for Lexus to support fellow Australians in need.

"Lexus Australia is pleased to join forces with the Australian Grand Prix Corporation in supporting the Victorian Floods Appeal via the auction of a drive in the Celebrity Challenge," he said.

"Together we aim to raise not just community awareness of the disaster, but much needed funds for the recovery."

He said support of this cause would help many Victorians to recover and re-establish their lives, which have been thrown into turmoil by such widespread damage.

The eBay-based auction begins on Monday 7 February and ends on Thursday 17 February 2011.

The 2011 Formula 1 Qantas Australian Grand Prix will be held at Melbourne's Albert Park Circuit and run from 24-27 March.