The programme will see Repco assist selected young, upcoming drivers as they make their way through the motorsport ranks in Australia and New Zealand. Fellow Supercars driver Fabian Coulthard will also select a young driver to receive a similar scholarship in the near future.
Wayne Bryant, executive general manager for Repco Australia, said that "motorsport, and assisting young drivers to earn their racing stripes, is part of Repco's DNA".
"Repco is a brand that is synonymous with Motorsport across the globe, but particularly in Australia and New Zealand.
"With this scholarship, we want to assist the next generation of racers to make their way through the ranks in what can be a difficult and expensive process.
"If this programme assists us to unearth the next Scott McLaughlin or Fabian Coulthard, then we will consider it a massive success. We will watch Tom's progress with great interest."
McLaughlin said that being able to give back is something that he was enjoying immensely.
"It was only through the assistance of big companies like Repco that I was able to make it all the way through to become a fulltime race car driver. Support like this is massively important.
"Being able to mentor Tom as he navigates the world of motorsport, as well as having Repco assist him with funding, will hopefully make a big difference to this talented kid. I'm really looking forward to working with him."
Bewley is ecstatic to have been selected for the scholarship.
"I love racing, but I know it's a hard thing for my mum and dad to keep me on the track. With this Repco scholarship, and the great advice from Scott, I feel more confident and prepared than ever. Thank you very much to Repco for helping to make my dreams come true. This is going to be awesome."