Australian Anthony Dean led home Franks, Woodcock-Takarua and Jones in the first semifinal while James and Fox both missed out in the second semi.
Dean and compatriot Josh Callen, who both narrowly missed selection to the London Olympics, proved too strong in the final.
Woodcock-Takarua crashed making a strong move to the front while Franks showed his poise to grab the final place on the podium. Jones, in his first year in the elite class, was sixth.
Hobbs, a qualifier in the junior elites at last year's world championships, was all class today. He was fourth fastest in the time trial, second with two wins and a fifth in the qualifying motos and then won his semifinal and led from the gate to win the final.
"It was a great ride from Cody today. He was very impressive," Hollows said.
"Most of the guys raced strongly. For most it is their first competition and there was some good opposition here.
"Tomorrow we will be back for the second day of the national series and I think we can improve further. They are a young group, and while some had international experience last year, we need this level of competition or sure."
Junior men time trials: Cody Hobbs (Te Awamutu) 33.051, 4; Ryan Lewis (Te Awamutu) 33.936, 9; Donald Ross (Whangarei) 35.993, 12
Qualifiers from motos: Moto 1: Lewis 6 points, 2 (2, 1, 3); Moto 4: Hobbs 7, 2 (5, 1, 1); Ross 9, 3 (2, 3, 4).
Semifinal 1: Nottle 1, Matt Hollobone (AUS) 2, Blake Moore (AUS) 3. Also NZers: Ross 5. Semifinal 2: Hobbs 1, Kerrod Connors (AUS) 2, Jordan Kecher (AUS) 3. Also NZers: Lewis 5.
Final: Hobbs 1, Aaron Nottle (AUS) 2, Joshua Smith (AUS) 3.
Elite men time trials: Anthony Dean (AUS) 31.581, 1; Trent Jones (Kaiapoi) 31.792, 2; Daniel Franks (North Avon Chch) 31.911, 3; Trent Woodcock Takurua (Sunset Coast) 31.922, 4; Nick Fox (Gisborne) 32,638, 9; Kurt James (Cambridge) 33,786, 13.
Qualifiers from motos: Moto1: Fox 12 points, 4 (3, 4, 5); Moto 2: Jones 5 pts, 2 (2, 2, 1); Moto 3: Franks 11, 4 (3, 5, 3); Moto 4: Woodcock-Takurua 4, 1 (2, 1, 1); James 6, 2 (1, 2, 3).
Semifinal 1: Dean 1, Franks 2, Woodcock-Takarua 3, Jones 4. Semifinal 2: Callan 1, Matthew Juster (AUS) 2, Thomas Hubert (AUS) 3. Also NZers: James 5, Fox 7.
Final: Anthony Dean 1, Josh Callan (AUS) 2, Franks 3. Also NZers: Jones 6, Woodcock-Takarua 8.