Born in Naarden, Coronel began his career in 1990 in the Dutch Citroën AX Cup. After being named the most talented driver at his racing school, he won the series title in 1991 with four victories. In 1992, he moved to the Dutch Touring Car Championship in a BMW 320i, winning the championship against his older brother Raymond.
Transitioning to single-seaters, Coronel won the Dutch Formula Ford championship in 1993 with team Fresh. In 1994, he competed in the Euroseries Formula Opel Lotus for Van Amersfoort Racing, securing eight pole positions and two wins, though he finished second in the standings to Marco Campos. After being named "Dutch Driver of the Year," he moved to the German Formula Three championship in 1995 as a teammate to Ralf Schumacher at the WTS team, finishing seventh overall.
In 1996, Coronel moved to the Japanese Formula 3 championship with team TOM'S, finishing third in his debut year. He dominated the series in 1997, winning six of the seven races he entered to secure the title. During that same year, he won the Marlboro Masters at Zandvoort, becoming the second Dutchman to win the prestigious Formula 3 event.
Coronel progressed to Formula Nippon and the Japanese GT championship in 1998 with Satoru Nakajima's team. While his first year in Formula Nippon was difficult, he and Koji Yamanishi nearly won the GT title in a Honda NSX, finishing second after a mechanical failure in the final race's formation lap. In 1999, Coronel won the Formula Nippon championship in a controversial finale at Suzuka, where he and title rival Satoshi Motoyama collided in the first corner. As neither driver could continue, Coronel secured the title on points.
Following his success in Japan, Coronel attempted to secure a Formula One seat for the 2000 season. He launched an investment plan called "the Racing Dutchman B.V." to fund his ambitions and conducted a test for the Arrows team. However, the seat ultimately went to Jos Verstappen and Pedro de la Rosa.
Coronel subsequently focused on touring cars and endurance racing. In 2004, he won the Independents' Trophy in the European Touring Car Championship (ETCC) while driving for Carly Motors. When the ETCC became the World Touring Car Championship (WTCC) in 2005, Coronel joined Team GR Asia. He won the WTCC Independents' Trophy in 2006 driving a SEAT León and repeated the feat in 2009 with the Sunred SEAT team.
In 2008, Coronel achieved his first outright WTCC race victory at Okayama, Japan. He moved to ROAL Motorsport in 2011, switching from SEAT to BMW, and secured a second overall victory at Suzuka. By 2014, he remained with ROAL as they transitioned to the Chevrolet Cruze built to TC1 regulations.
Coronel has a long association with the 24 Hours of Le Mans, debuting in 1999 with Jan Lammers' Racing for Holland. His best result at the event came in 2002, when he finished eighth overall. He also competed at Le Mans for the Dutch Spyker Squadron and is a frequent participant in the 24 Hours at the Nürburgring.
Since 2009, Tom and his brother Tim have competed in the Dakar Rally. In their first joint appearance in 2009, held in Argentina and Chile, they drove a Bowler Nemesis and finished 70th overall.
The Coronel family operates indoor go-karting tracks in Huizen and Enschede. Tom is a prominent media figure in the Netherlands, having co-hosted automotive programming and served as a Formula One analyst for Ziggo Sport and Viaplay.
Coronel is in a relationship with racing driver Paulien Zwart; the pair were teammates at Carly Motors during the 2004 ETCC season. They have two children. Their son, Rocco Coronel, is a member of the Red Bull Junior Team and competes in karting and the Ginetta Junior Championship.
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