Yes, there is a feature that will import racers from a CSV (Comma Separated Values) file, a tab delimited TXT file or even directly from a DerbyDMV data file. A CSV or text delimited TXT file can be created from spreadsheet or database programs. Refer to the help file for more information on this feature.
The software does come with an Excel spreadsheet that you can use for entering your racers. It is RaceRosterData.xls and is installed to the software's Data folder. Enter your racers into one worksheet and there is a worksheet of instructions on how to save your racer list as a CSV file that you can then import.
See also the instructional video for Step 7 (Register Racers) on GrandPrix Race Manager's Video page, http://grandprix-software-central.com/gprm/videos.php.