Generate race places from lap times

OK, here's one, very simple.

The first column has times entered manually in minutes, seconds and hundredths (mm:ss.00) which excel converts to a number for calculations (since it can add times together no problems).

The second would have the order by fastest time, so first, second, third, etc.

Right now the only way I have to do that is to sort by the time and enter the places manually.
We have a small team, dozens of cars and multiple events happening simultaneously, so we don't have time to work it all out by hand.

I am after a way to automate the process of converting a car's time to it's result during competition.