"I've had a good season and learned so much," he said. "The racing is next level over there in Europe ... I've improved as a rider a lot and become more versatile, and feel like I'm more of an all-round rider. I feel like I can handle tougher races now."
He also took part in the Tour of Southland earlier this month with Team Skoda Racing. Phipps helped his team finish fifth overall during the tour, and first among the all-Kiwi teams.
Phipps said he was eyeing up racing in Australia next year, after spending the New Zealand summer riding with the newly established Rotorua Racing team.
Olympic track cycling bronze medallist Gate said the Taupo event was his first major race when he was younger.
"The Lake Taupo Cycle Challenge was the first big event of my cycling career when I completed it in 4:45 on my 15th birthday, back in 2005. It's now an event that I always look forward to being able to line up in."
Defending her 2014 Women's Road Race title will be Ruby Livingstone, who has been riding in Europe with the BePink La Classica racing team based out of Italy.
The winner of the Holden Men's Classic will receive $5000, while the winner of the Women's Road Race will collect $2000.