Since 1984 Formula One teams have been required to build the chassis in which they compete, and consequently the terms “team” and “constructor” are more or less interchangeable.

This requirement distinguishes the sport from series such as IRL, Champ Cars, and NASCAR, which allow teams to purchase chassis, and “spec series” such as GP2, which require all cars be kept to an identical specification.

In its early years, Formula One teams sometimes also built their engines, though this became less common with the increased involvement of major car manufacturers such as BMW, Mercedes-Benz, Renault, Toyota, and Honda, whose large budgets rendered privately built engines less competitive (and redundant).

Early manufacturer involvement came in the form of a “factory team” (that is, one owned and staffed by a major car company), such as those of Alfa Romeo, Ferrari (FIAT) or Renault. Companies such as Climax, Repco, Cosworth, Hart, Judd and Supertec, which had no direct team affiliation, often sold engines to teams who could not afford to manufacture them. As the manufacturers’ deep pockets and engineering ability took over, almost all engines are now produced by major manufacturers.

After having virtually disappeared by the early 1980s, factory teams made a comeback in the 1990s and 2000s, and now form half the grid with Toyota, Ferrari (FIAT), Honda, Renault and BMW either setting up their own teams or buying out existing ones. Mercedes-Benz (DaimlerChrysler) owns 40% of the McLaren team and manufactures the team’s engines. Commercial engine supplier Cosworth exited the sport at the end of 2006. Thus all the teams will run on factory supplied engines from 2007.

The sport’s 1950 debut season saw eighteen teams compete, but due to high costs many dropped out quickly. In fact, such was the scarcity of competitive cars for much of the first decade of Formula One that Formula Two cars were admitted to fill the grids. Ferrari is the only still-active team which competed in 1950, and as of 2006 eleven teams remain on the grid, each fielding two cars. Although teams rarely disclose information about their budgets, it is estimated that they range from US$66 million to US$400 million each.

Entering a new team in the Formula One World Championship requires a £25 million (about US$47 million) up-front payment to the FIA, which is then repaid to the team over the course of the season. As a consequence, constructors desiring to enter Formula One often prefer to buy an existing team: B.A.R.’s purchase of Tyrrell and Midland’s purchase of Jordan allowed both of these teams to sidestep the large deposit.

Each car is assigned a number. The previous season’s World Drivers’ Champion is designated number 1, with his teammate given number 2. Numbers are then assigned according to each team’s position in the previous season’s World Constructors’ Championship. There have been exceptions to this rule, such as in 1993 and 1994, when the current World Drivers’ Champion (Nigel Mansell and Alain Prost, respectively) was no longer competing in Formula One. In this case the drivers for the team of the previous year’s champion are given numbers 0 (Damon Hill, on both occasions) and 2 (Prost himself and Ayrton Senna - replaced after his death by David Coulthard and occasionally Nigel Mansell - respectively). The number 13 has not been used since 1974, before which it was occasionally assigned at the discretion of individual race organizers.

Before 1996, only the world championship winning driver and his team generally swapped numbers with the previous champion – the remainder held their numbers from prior years, as they had been originally set at the start of the 1974 season. For many years, for example, Ferrari held numbers 27 & 28, regardless of their finishing position in the world championship. As privateer teams quickly folded in the early 1990s, numbers were frequently shuffled around, until the current system was adopted in 1996.

Michael Schumacher holds the record for having won the most Drivers’ Championships (seven) and Ferrari holds the record for having won the most Constructors’ Championships (fourteen). Jochen Rindt became the only posthumous World Champion after a fatal accident at the 1970 Italian Grand Prix.

Modern Formula One cars are mid-engined open cockpit, open wheel single-seaters. The chassis is made largely of carbon fibre composites, rendering it light but extremely stiff and strong. The whole car, including engine, fluids and driver weighs only 605 kg. In fact this is the minimum weight set by the regulations – the cars are so light that they often have to be ballasted up to this minimum weight.

The cornering speed of Formula One cars is largely determined by the aerodynamic downforce that they generate, which pushes the car down onto the track. This is provided by ‘wings’ mounted at the front and rear of the vehicle, and by ground effect created by the movement of air under the flat bottom of the car.

A significant difference in the design of the latest breeds of F1 cars is that they make far greater use of vortex “lift,” or in this case, downforce. Since a vortex is a rotating fluid that creates a low pressure zone at its center, creating vortices lowers the overall local pressure of the air.

Since low pressure is what is desired under the car, allowing normal atmospheric pressure to press the car down from the top, by creating vortices, downforce can be augmented while still staying within the rules.

The aerodynamic design of the cars is very heavily constrained to limit performance and the current generation of cars sport a large number of small winglets, “barge boards” and turning vanes designed to closely control the flow of the air over, under and around the car. The “barge boards” in particular are designed, shaped, configured, adjusted and positioned not to create downforce directly, as with a conventional wing or underbody venturi. They are designed so that air spillage from their edges will create these vortices.

The other major factor controlling the cornering speed of the cars is the design of the tyres. Tyres in Formula One are not ’slicks’ (tyres with no tread pattern) as in most other circuit racing series. Each tyre has four large circumferential grooves on its surface designed to further limit the cornering speed of the cars. Suspension is double wishbone or multilink all round with pushrod operated springs and dampers on the chassis. Carbon-Carbon disc brakes are used for reduced weight and increased frictional performance. These provide a very high level of braking performance and are usually the element which provokes the greatest reaction from drivers new to the formula.

Engines are mandated as 2.4 litre normally aspirated V8s, with many other constraints on their design and the materials that may be used. The 2006 generation of engines rev close to 20,000 rpm and produce up to 740 bhp (552 kW).[10] The previous generation of 3-litre V10 engines are also allowed, albeit with their revs limited and with an air restrictor to limit performance.

Engines run on unleaded fuel closely resembling publicly available petrol. The oil which lubricates and protects the engine from overheating is very similar in viscosity to water. For 2007 the V8 engines will be restricted to 19,000 rpm with limited development areas allowed, following the engine specification freeze from the end of 2006. As outright speed and power are effectively being capped it is widely believed that teams will work on improving reliability, and the torque range of the engine to improve driveability.

A wide variety of technologies – including active suspension, ground effect aerodynamics and turbochargers – are banned under the current regulations. Despite this the 2006 generation of cars can reach speeds of up to 350 km/h (around 220 mph) at some circuits (Monza).A Honda Formula One car, running with minimum downforce on a runway in the Mojave desert achieved a top speed of 415 km/h (258 mph) in 2006. According to Honda, the car fully met the FIA Formula One regulations.

Even with the limitations on aerodynamics, at 160 km/h, aerodynamically generated downforce is equal to the weight of the car and the often repeated claim that Formula One cars are capable of ‘driving on the ceiling’ remains true in principle, although it has never been put to the test. At full speed downforce of 2.5 times the car’s weight can be achieved.

The downforce means that the cars can achieve a lateral force of around four and a half times the force of gravity (4.5 g) in cornering - a high-performance road car might achieve around 1 g. Consequently in corners the driver’s head is pulled sideways with a force equivalent to 25 kilograms. Such high lateral forces are enough to make breathing difficult and the drivers need supreme concentration to maintain their focus for the 1 to 2 hours that it takes to cover 305 kilometres.

A Formula One Grand Prix event spans an entire weekend, beginning with two free practices on Friday, and one free practice on Saturday. Third drivers are allowed to run on Fridays, but only two cars may be used per team. After these practice sessions, a qualifying session is held.

The format of this qualifying session has been through several iterations since 2003. Attempts were made to reinvigorate interest in the qualifying session by using a "one-shot" system in which each driver would take turns on an empty track to set their one and only time.

For the 2006 season a knockout qualifying system was introduced. The FIA revised the 2006 procedures starting with Round 11, the 2006 French Grand Prix.[7] In the first phase, all 22 cars are permitted on the track for a 15-minute qualification session. Only their fastest time will count and drivers may complete as many laps as they wish. In the original format, the clocks were stopped immediately at the end of the session, which meant that drivers on a timed lap did not have their time registered once the 15 minutes were up. From Round 11, any car running a timed lap at the time of the chequered flag is entitled to complete the lap. The slowest six cars can take no further part in qualifying, these cars will make up the last six grid positions in the order of their times.

The times for the sixteen remaining cars are reset for the next 15-minute session. In the original format, the clocks were stopped immediately at the end of the session. From Round 11, cars running timed laps at the chequered flag are allowed to complete the lap. The slowest six cars will make up the grid in positions 11 to 16 in the order of their times.

The times for the ten remaining cars will be reset for the next session. The shootout session lasted 20 minutes under the original regulations, changed to 15 minutes from Round 11. For the final period, the cars will be arranged on the grid in positions one to ten in the order of their times. In the first two 15-minute sessions, cars may run any fuel load and drivers knocked out after those sessions may refuel ahead of the race. However, the top-ten drivers must begin the final 15-minute session with the fuel load on which they plan to start the race. They will be weighed before they leave the pits. Whatever fuel they use in the 15 minutes may be replaced at the end of the session provided that the laps they complete are all within 110% of their best session time; outlaps (a lap that started in the pitlane) and inlaps (a lap that ended in the pitlane) are permitted to be no more than 120% of the driver’s best session time. Any fuel for a lap outside of the 110% time will not be replaced. As with the first two 15 minute sessions, if a driver starts a timed lap before the chequered flag falls for the 15 minute session, their time will count even if they cross the finish line after the session has ended.

The race begins with a warm-up formation lap, after which the cars assemble on the starting grid in the order they qualified. If a driver stalls before the parade lap, and the rest of the field passes him, then he must start from the back of the grid. As long as he moves off and at least one car is behind him, he can retake his original position. A racer may also elect to start from pit-lane if he has any last minute problems with the car. If they choose to do this, they must wait for all cars to pass pit-lane before they may begin the race.

A light system above the track then signals the start of the race. Races are a little over 305 kilometres (190 miles) long and are limited to two hours, though in practice they usually last about ninety minutes. Throughout the race, drivers may make one or more pit stops in order to refuel and change tyres. Drivers have access to seven sets of dry-weather tyres, four sets of wet-weather tyres and three sets of extreme-weather tyres for the entire weekend. Drivers must choose the dry-weather compound they will use for the race ahead of qualifying.

The FIA awards points to the top eight drivers and their respective teams of a grand prix on a 10-8-6-5-4-3-2-1 basis (the race winner receives ten points, the first runner-up eight, and so on). The winner of the two annual championships are the driver and the team who have accumulated the most points at the end of the season. If any drivers and/or teams have the exact amount of points and are both competing for the driver and/or team championships, the driver and/or team who has won more Grand Prix races during the course of the season is declared the winner.

Lamborghini, or Automobili Lamborghini S.p.A. as it’s officially called, produces some of the most exciting sports cars in the word. Some of the newer Lamborghini models are the Countach, the Diablo, the Gallardo and the Murcielago.

Fact 1: Lamborghini is named after the founder of the company Ferruccio Lamborghini (1916-1993). Ferruccio Lamborghini founded the company in 1963 when he was 47 years old. The factory is located in a small Italian village called Sant’Agata Bolognese near Bologna.

Fact 2: Ferruccio Lamborghini was a successful tractor manufacturer before he got interested in sports cars. His interest in sports cars made him buy many different high-performance cars including both Maseratis and Ferraris, but he was never really happy with any of them and therefore decided to built his own, perfect sports car,

Fact 3: Lamborghini used to be an independent company, but today it is a subsidiary of the German company Audi AG. Audi AG became the owner of Lamborghini in 1998. Lamborghini went bankrupt in 1978 and was sold to Chrysler a long time before Audi AG became the sole owner of the company.

Fact 4: The fastest Lamborghini is the Le Mans version of the Murcielago R-GT model. It has been reported to have a top speed of 370 km/h. The fastest street model from Lamborghini is the Murcielago LP640 with an estimated top speed of 340 km/h. Both of the models have a V12 engine with more than 6000 cc.

Fact 5: Several of the newer Lamborghini models feature the familiar Lamborghini scissor doors that rotate up and forward on a hinge near the front of the door. The Countach, the Diablo and the Murcielago all have scissor doors, but the Gallardo does not. Both the Countach and the Diablo are no longer being produced, so the Murcielago is the only current model with scissor doors.

Fact 6: No Lamborghini have ever been produced with less than a V8 engine. Most of the Lamborghini models throughout the history of the company have come with the legendary Lamborghini V12 engine, but the newest model, Gallardo, only have a V10 engine. No Lamborghini models with a V8 engine have been since production of the Silhouette stopped in 1989.

Fact 7: The first Lamborghini was the 350GTV from 1963. It was extremely fast for its time with a top speed of 280 km/h. In 1964 a smaller version of the 350GTV appeared. The smaller version was called 350GT and had a top speed of 240 km/h. The Countach from 1974 was the first Lamborghini to go faster than 300 km/h.

Fact 8: In 1975 did Walter Wolf, a rich Canadian businessman and F1 racing team owner, persuade Lamborghini to produce three super powered Countach models. The Wolf Countach had the same engine as the orginal Countach prototype and were able to reach a top speed of 315 km/h.

While thousands of sports car fans have put together notable collections there are three such collections that will inspire awe and demands the attention of any sports car enthusiast. These three are Toad Hall, LeMay’s collection and Ralph Lauren’s Collection.

Bill Putman’s collection, known as Toad Hall, will have sports car fans seeing red. All of the cars in this private collection are painted red. Putman’s collection features imported cars from Bentley to Datsun, with an emphasis on the British makes. There is a Lotus represented as well. Toad Hall’s name comes from the children’s book the Wind in the Willow.

The LeMay collection, over 3,000 strong, in Tacoma Washington is certified by the Guinness Book of World’s Records as the world’s largest collection of cars. The entire collections of sports cars cannot even be viewed in one visit. The LeMay collection was started in the 1940’s by a waste hauling tycoon who started searching the area for interesting vehicles. The exhibit also includes other American history items as well as ambulances and fire trucks.

American fashion mogul Ralph Lauren is also an avid car collector and has opened his stunning collection to the public. The Boston Museum of Fine Arts showed the Ralph Lauren’s exhibit and states that he started collecting in the 1960’s.

It can be said that Lauren’s is a connoisseur of fine cars and chose the automobiles in his collection, from Bugattis and a 1950 Jaguar XK 120 Alloy Roadster based on their fashion appeal as well as speed. His newest addition is a speed demon’s dream, a 1996 McLaren F1, which can easily pass speeds of 225 mph.

Ralph Lauren has also collected car with celebrity ties. Included in his collection is the car James Dean was driving when he was killed, a Porche 500 Spider. On a happier note, the 1950 Jag mentioned earlier was driven by the Hollywood’s leading man Humphrey Bogart and his love, Lauren Becall.

While there are countless car collections from small time lots to museums, these three collections all offer something unique to the sports car fan. Toad Hall which emphasizes imports and red. The LeMay collection which is certifiably the largest and Ralph Lauren’s private collection which emphasizes speed and celebrity connections.

Latest super-sports car from England is the Caparo Freestream supercar, which will have a power-to-weight ratio of 1,000 bhp per ton! The Bugatti Veyron which has 1,001 bhp manages about 560 bhp per tonne, so how you can see that the Caparo is streets ahead of any other supercar in power-to-weight ratio, and that is what makes cars accelerate fast. And fast acceleration is very exciting, and can also improve safety of the car in some circumstances.

So how does the Caparo do it? Not with 2,000 bhp because the car would weigh at least 2.5 tons, which would miss the target. In fact, Bugatti has demonstrated that sheer power means a lot of weight, particularly in the transmission and brakes.

To get a high power-to-weight-ratio you need a light car. And why is a high power-to-weight-ratio important? Because it dictates how fast the car accelerates flat out. A car with a high power-to-weight-ratio can cover the ground quicker because it gets out of corners fast and accelerates up the straights faster. So long as the handling is good, the car will be very fast anywhere.

Lightweight solution

Instead of going for a big engine with masses of power, the designers, who worked on the McLaren F1, have gone for ultra lightweight and a compact V-8 engine based on F1 technology. The result is a pencil-slim car with 480 bhp at 10,500 rpm from a supercharged 2.4 liter engine, and a weight of under 1,100 lb. Both the new engine and transmission are very light, as are all the components. The very narrow body without fully enclosed fenders also reduces weight.

The whole design concept has been aimed at reducing weight, ore not putting in things that add weight. First, the power train is very light compared with mass-production units. Then, the carbon fiber body/chassis is also much lighter than most, as designers without Grand Prix experience tend to over-design their structures. Also, because the power train is light, the loads on the body are lower, so again less weight does not need to be built into the structure.

It has a very narrow cockpit, with the passenger sitting slightly behind the driver to reduce width, so this is more of a track racer or trackday special than a road car. Even so, this car changes the concept of exotic cars to where it should be - ultra-lightweight, compactness and exciting performance round twisty roads or circuits.

To save weight they have adopted a narrow coupe body with cycle-type front mudguards, and side-mounted radiators which flow into the rear fenders.

In fact, these are all factors used by Colin Chapman to design the early Lotus cars, and since used by all racing car companies. In other words, the Caparo Freestream really takes advantage of Grand Prix technology to build a supercar.

The Caparo Freestream looks very unusual, but if you want sheer performance this is it! The makers say the car will hit 200 mph, and accelerate from a standing start of 100 mph in 5.5 seconds!! Holy mackerel that is fast. Oh, and they also say that owing to the downforce available, the T1 will be able to corner and brake at 3g - incredible. This tremendous cornering power and braking would not be possible without the use of Grand Prix design principles.

On top of all that, Caparo, which produces a lot of components for the auto industry, have priced the Freestream at about $320,000 (£176,000).