The first Formula One series race was held in the United Kingdom in 1950. Inspired by earlier competitions like Grand Prix Motor Racing, the series originally included only European drivers. The actual “formula” in Formula One refers to a set of rules and regulations that all participants must meet. The name alone lets fans and drivers know that the competition is top rate and that the rules are quite strict.

The early years of Formula One racing was dominated by teams run by specific car manufacturers. The most successful teams were from Italy. Drivers from the Ferrari and Alfa Romeo teams won several early championship titles. German carmakers like Mercedes Benz also won a number of early titles.

But the importance of these events went far beyond the race track. Through intense competition, automakers developed a number of new engineering and safety features that they would later include in their passenger vehicles. For example, the Fuel injection system that helped Mercedes-Benz win two straight championships soon became a standard feature in their demotic models. What does it take to win a car competition?

Due to rising prices, Formula One competition became increasingly sporadic during the 1960s. Then in the 1970s the sport was repackaged and resold as a more commercial sport. The man many credit with transforming Formula One into the multi-billion pound business that it is today is Bernie Ecclestone. The former manager became the president of the Formula One Association in 1978.

By offering the sport to circuit or track owners as a whole, he was able to get costs under control. Previously, track owners negotiated fees with each team individually, which was incredibly expensive and led many teams to drop out. But Ecclestone insisted on a single fee for all of the teams in the competition. They took the deal. As a result, more teams were able to compete.