F1 racing is the most popular and expensive car racing category in the world. Unfortunately in the US it is not well known. Technology developed by F1 teams eventually is used in street vehicles such as the rear view mirror! Check out www.f1.com for more information on this amazing sport!
A small answer to an overwhelmingly huge question. Formula 1 traditionally (since 1946) is a specification of engine displacement, weight, and vehicle size. From 1901 until WW2 the roots of Formula 1 were laid By "Grand Prix" racing. Why it is called that is complicated. The first car did not "Develop" into a Formula 1 car.
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