Holes under 1/8 inch - High-Speed Steel bit - Standard drill bit found in any drill set. A #44 (3/32 inch for Awana) drill bit is used for drilling axle holes.
Holes between 1/8 inch and 7/16 inch - Brad Point Drill Bits - Equipped with a sharp center tip and side cutters to make clean holes in wood. Brad Point bits are commonly used for drilling weight holes in pinewood derby blocks.
Holes over 7/16 inch - Forstner Bit - Equipped with a sharp center tip, side cutters, and bottom blade for making clean, flat-bottomed holes in wood. Forstner bits are commonly used for creating wheel wells for attaching to the side of a pinewood derby block. They are also used for creating holes for tungsten rounds.