Cheat Mode:
At the character selection screen, hold L + R + Left Analog-stick + Right Analog-stick + X + Y on controllers one and four to unlock all drivers, courses, and vehicles.
No arrows:
At the character selection screen, highlight a driver, then hold White and press A.
No Destination Markers:
At the character selection screen, highlight a driver, then hold Black and press A.
No Destination Markers or Arrows:
At the character selection screen, highlight a driver, then hold White + Black.