The sport of Drifting was initiated in 1970's during the touring car championship. Below is an extract from Wikipedia which explains it fully and supporting video of drifting.
"It was most popular in the All Japan Touring Car Championship races. Motorcycling legend turned driver, Kunimitsu Takahashi, was the foremost creator of drifting techniques in the 1970s. This earned him several championships and a legion of fans who enjoyed the spectacle of smoking tires."
Old YouTube video from Top Gear depicting "The Drift King"
As stated in the video. Drifting is the art of oversteering a car for as long as possible. The sport is judged mainly on the style of driving; in contrast the majority of motorsports, which are judged upon speed.