[2] Races in Checkered Flag can be run with an optional qualifying lap, or with the player's starting position randomised.

At the conclusion of a tournament, the winning driver's car is shown driving back and forth in front of the final standings with either the swimsuit-clad woman or the musclebound man posing atop it.

The original release of Checkered Flag can be played solo or with up to 6 human players using the Lynx's proprietary ComLynx communication cables to connect multiple handhelds together.

IGN's Robert A. Jung gave Checkered Flag an extremely positive review, citing it as a "masterpiece" and giving it a 10 out of 10, praised the game for its tight controls, map designs and variety and good camera angle.

[7] In Raze's final issue published in October 1991, their Atari Attack segment also looked at Checkered Flag, giving a score of 86%.

[19] Conversely, French magazine Consoles + gave a score of 45%, criticizing the difficulty in getting back to the race after being spun from striking a car, as well as the minimal effect upon contacting obstacles.