Team race is an option, yes, however you have to invite your friends to play.
It's not like it used to be where you could just throw up a server and people would join.
From what I've read, 343 doesn't currently have any intention of adding a server list like the original had, or the ability to run private dedicated servers. I hope they change their mind, but it isn't looking promising, with the amount of work they have ahead of them with porting the other 4 games that are on the list.