Hall, 35, died at the scene after being struck on the outskirts of national capital Canberra on Friday on the final stages of the inaugural 3,300-mile (5,300 kilometre) Indian Pacific Wheel Race from Perth to Sydney.
Organisers cancelled the event hours before it was due to finish at the Sydney Opera House as a mark of respect.
"The Indian Pacific Wheel Race has been cancelled with immediate effect in light of this morning's tragic incident," the statement said Friday.
"Every effort is being made to personally get in contact with riders that remain on the road to inform them of the situation.
"The tracking devices will remain open in the interests of safety and the event is continuing to work with the relevant authorities.
"Mike's efforts in both raising money and the spirits of others were tremendous and he leaves an incredible legacy."
The organisers said they will co-operate fully with police investigations.
The driver of the car involved in the incident was assisting police with their inquiries.
Crash investigators are studying the circumstances surrounding the collision and a report will be prepared for the coroner.
Hall was in second place in the solo race behind Kristof Allegaert from Belgium at the time of the incident.
Hall, who was from Harrogate, North Yorkshire, but lived in Monmouthshire, south Wales, was one of the best ultra-distance riders in the world.
He had previously won the Trans Am Bike Race across the United States and the Tour Divide traversing the Rocky Mountains from Canada to Mexico.
A tribute ride to Hall, who had raised thousands of pounds for charities, will be held in Sydney on Sunday, organisers said.
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