Ranking lap times with 2 decimals

Excel Facts

Will the fill handle fill 1, 2, 3?
Yes! Type 1 in a cell. Hold down Ctrl while you drag the fill handle.
I think you may need a helper column to convert to time values before you can rank. Use this formula on each entry: =TIMEVALUE(SUBSTITUTE(D3,".",":",1))
It is up to you to format it as a time or leave it as a decimal. But you can now rank this helper column.
 
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How about

Excel 2013/2016
DE
2LaptimeRank
32.23.3402
43.10.6983
52.11.9691
Engine
Cell Formulas
RangeFormula
E3=SUMPRODUCT(--(TIMEVALUE(SUBSTITUTE(D3,".",":"))>TIMEVALUE(SUBSTITUTE(D$3:D$5,".",":"))))+1
 
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