160-668: American open-wheel car racing , generally known as Indy car racing , or more formally Indianapolis car racing , is a category of professional automobile racing in the United States . As of 2024 , the top-level American open-wheel racing championship is sanctioned by IndyCar . Competitive events for professional-level, open-wheel race cars have been conducted under the auspices of various sanctioning bodies, tracing its roots as far back as 1902. A season-long, points-based, National Championship of drivers has been officially recognized in 1905, 1916, and each year since 1920 (except for
320-634: A deflationary spiral started in 1931. Farmers faced a worse outlook; declining crop prices and a Great Plains drought crippled their economic outlook. At its peak, the Great Depression saw nearly 10% of all Great Plains farms change hands despite federal assistance. At first, the decline in the U.S. economy was the factor that triggered economic downturns in most other countries due to a decline in trade, capital movement, and global business confidence. Then, internal weaknesses or strengths in each country made conditions worse or better. For example,
480-418: A silver standard , almost avoided the depression entirely. The connection between leaving the gold standard as a strong predictor of that country's severity of its depression and the length of time of its recovery has been shown to be consistent for dozens of countries, including developing countries . This partly explains why the experience and length of the depression differed between regions and states around
640-406: A transformative shift, echoing past pivots. The industry, much like the cars it champions , has had to navigate through a global pandemic and a persistent chip shortage, each threatening to derail production schedules . At the same time, a new course is being charted towards an electric future, a dramatic change in direction that is challenging the old guard of gasoline engines. There is also
800-631: A "manufacturer's" logo and "vehicle name", yet use components produced by another automobile manufacturer. There are also other stock car governing bodies, most notably the Automobile Racing Club of America (ARCA). In the UK, British Stock car racing is also referred to as "Short Circuit Racing". UK Stock car racing started in the 1950s and grew rapidly through the 1960s and 1970s. Events take place on shale or tarmac tracks – usually around 1/4 mile long. There are around 35 tracks in
960-524: A 10- franc entrance fee. The first American automobile race is generally considered to be the Thanksgiving Day Chicago Times-Herald race of November 28, 1895. Press coverage of the event first aroused significant American interest in the automobile. The Targa Florio was an open road endurance automobile race held in the mountains of Sicily , Italy near the island's capital of Palermo . Founded in 1906 , it
1120-681: A consortium called Open Wheel Racing Series (OWRS) in 2004 and the series was renamed the Champ Car Open Wheel Racing Series, later renaming it to the Champ Car World Series . However, the sanctioning body continued to be plagued by financial difficulties, In 2007, CCWS's presenting sponsors Bridgestone and Ford Motor Company withdrew. During this time, the IRL was now operating under the moniker IndyCar Series, and slowly beginning to establish itself as
1280-604: A former privately run bank, bearing no relation to the U.S. government (not to be confused with the Federal Reserve ). Unable to pay out to all of its creditors, the bank failed. Among the 608 American banks that closed in November and December 1930, the Bank of United States accounted for a third of the total $ 550 million deposits lost and, with its closure, bank failures reached a critical mass. In an initial response to
1440-467: A greater reduction in credit. On 5 April 1933, President Roosevelt signed Executive Order 6102 making the private ownership of gold certificates , coins and bullion illegal, reducing the pressure on Federal Reserve gold. British economist John Maynard Keynes argued in The General Theory of Employment, Interest and Money that lower aggregate expenditures in the economy contributed to
1600-734: A growing number of events for electric racing cars, such as the Formula E , the Eco Grand Prix or the Electric GT Championship . In single-seater ( open-wheel ) racing, the wheels are not covered, and the cars often have aerofoil wings front and rear to produce downforce and enhance adhesion to the track. The most popular varieties of open-wheel road racing are Formula One (F1), the IndyCar Series and Super Formula . In Europe and Asia, open-wheeled racing
1760-479: A hiatus during WWII ). As such, for many years, the category of racing was known as Championship car racing (or Champ car racing for short). That name has fallen from use, and the term Indy car racing (derived from the Indy 500 ) has become the preferred moniker. The machines, typically referred to as "Indy cars", are a formula of single-seat, open cockpit , open-wheel , purpose-built race cars. They compete on
SECTION 10
#17327731201211920-707: A lap at 388 km/h (241 mph). The series' biggest race is the Indianapolis 500 , which is commonly referred to as "The Greatest Spectacle in Racing" due to being the longest continuously run race in the series and having the largest crowd for a single-day sporting event (350,000+). The other major international single-seater racing series is Formula 2 (formerly known as Formula 3000 and GP2 Series ). Regional series include Super Formula and Formula V6 Asia (specifically in Asia), Formula Renault 3.5 (also known as
2080-537: A modern IndyCar is more physically exerting to drive than a modern Formula One car but that the Formula One car was more mentally taxing due to all its additional complexity, horsepower, and downforce levels compared to the IndyCar as well as the need to manage fuel levels given that Formula One cars do not refuel during the race while IndyCar racing allows refueling during races. The American National Championship
2240-600: A modern industrial city handled shortages of money and resources. Often they updated strategies their mothers used when they were growing up in poor families. Cheap foods were used, such as soups, beans and noodles. They purchased the cheapest cuts of meat—sometimes even horse meat—and recycled the Sunday roast into sandwiches and soups. They sewed and patched clothing, traded with their neighbors for outgrown items, and made do with colder homes. New furniture and appliances were postponed until better days. Many women also worked outside
2400-402: A monetary contraction first-hand were forced to join the deflationary policy since higher interest rates in countries that performed a deflationary policy led to a gold outflow in countries with lower interest rates. Under the gold standard's price–specie flow mechanism , countries that lost gold but nevertheless wanted to maintain the gold standard had to permit their money supply to decrease and
2560-482: A much easier time following and passing than in open-wheel racing . It often features full-contact racing with subtle bumping and nudging due to the small speed differentials and large grids. The major touring car championships conducted worldwide are the Supercars Championship (Australia), British Touring Car Championship , Deutsche Tourenwagen Masters (DTM), World Touring Car Championship and
2720-481: A road or street course the Formula One car would be significantly faster than an IndyCar. There is debate on which series is more demanding. Some point out that champions that retired from F1 have won CART championships: e.g., Emerson Fittipaldi and Nigel Mansell. Drivers who did not excel in F1 have continued their careers in IndyCar with varying levels of success. Some successful IndyCar drivers have tried but failed to get
2880-489: A seat in even a low level Formula One team. A handful of notable IndyCar drivers, however, found subsequent success in F1, including Mario Andretti and Jacques Villeneuve, who became Formula One champions, and Juan Pablo Montoya, who won several F1 races. Conversely, some point to the different track designs of IndyCar (see below) as a bigger challenge to the drivers. Former Haas F1 driver Romain Grosjean stated in 2021 that
3040-567: A serious issue in the 1930s. Support for increasing welfare programs during the depression included a focus on women in the family. The Conseil Supérieur de la Natalité campaigned for provisions enacted in the Code de la Famille (1939) that increased state assistance to families with children and required employers to protect the jobs of fathers, even if they were immigrants. In rural and small-town areas, women expanded their operation of vegetable gardens to include as much food production as possible. In
3200-480: A small cadre of Labour, but the vast majority of Labour leaders denounced MacDonald as a traitor for leading the new government. Britain went off the gold standard , and suffered relatively less than other major countries in the Great Depression. In the 1931 British election, the Labour Party was virtually destroyed, leaving MacDonald as prime minister for a largely Conservative coalition. In most countries of
3360-426: A small, low-cost machine on small tracks. Many of the current top drivers began their careers in karts. Formula Ford represents the most popular first open-wheel category for up-and-coming drivers stepping up from karts. The series is still the preferred option, as it has introduced an aero package and slicks, allowing the junior drivers to gain experience in a race car with dynamics closer to F1. The Star Mazda Series
SECTION 20
#17327731201213520-713: A standstill agreement froze Germany's foreign liabilities for six months. Germany received emergency funding from private banks in New York as well as the Bank of International Settlements and the Bank of England. The funding only slowed the process. Industrial failures began in Germany, a major bank closed in July and a two-day holiday for all German banks was declared. Business failures were more frequent in July, and spread to Romania and Hungary. The crisis continued to get worse in Germany, bringing political upheaval that finally led to
3680-657: A variety of circuits, including ovals , road courses , street circuits , and combined road courses . The most famous and most important event of the season is the Indianapolis 500 , held on Memorial Day weekend in late May. Over the decades, Indy cars have been generally similar to those in Formula One , though there are important differences. Though the IndyCar Series is U.S.-based, international races have occasionally been held; in such places as Canada, Mexico, Brazil, Japan, Australia, as well as Europe. This form of racing experienced considerable growth and popularity in
3840-823: Is NASCAR (National Association for Stock Car Auto Racing). NASCAR's premier series is the NASCAR Cup Series , its most famous races being the Daytona 500 , the Southern 500 , the Coca-Cola 600 , and the Brickyard 400 . NASCAR also runs several feeder series, including the Xfinity Series and Craftsman Truck Series (a pickup truck racing series). The series conduct races across the entire continental United States . NASCAR also sanctions series outside of
4000-658: Is a consensus that the Federal Reserve System should have cut short the process of monetary deflation and banking collapse, by expanding the money supply and acting as lender of last resort . If they had done this, the economic downturn would have been far less severe and much shorter. Modern mainstream economists see the reasons in Insufficient spending, the money supply reduction, and debt on margin led to falling prices and further bankruptcies ( Irving Fisher 's debt deflation). The monetarist explanation
4160-719: Is a worldwide series that runs only street circuit and race tracks . These cars are heavily based on technology and their aerodynamics. The speed record was set in 2005 by Juan Pablo Montoya hitting 373 km/h (232 mph). Some of the most prominent races are the Monaco Grand Prix, the Italian Grand Prix , and the British Grand Prix . The season ends with the crowning of the World Championship for drivers and constructors. In
4320-650: Is another entry-level series. Indy Lights represent the last step on the Road to Indy , being less powerful and lighter than an IndyCar racer. Students at colleges and universities can also take part in single-seater racing through the Formula SAE competition, which involves designing and building a single-seater car in a multidisciplinary team and racing it at the competition. This also develops other soft skills, such as teamwork, while promoting motorsport and engineering. The world's first all-female Formula racing team
4480-615: Is commonly referred to as 'Formula', with appropriate hierarchical suffixes. In North America, the 'Formula' terminology is not followed (with the exception of F1). The sport is usually arranged to follow an international format (such as F1), a regional format (such as the Formula 3 Euro Series), and/or a domestic, or country-specific, format (such as the German Formula 3 championship, or the British Formula Ford). F1
4640-505: Is notable for the wide variety of racetracks it has used compared to other series, such as Formula One and the various forms of Endurance sports car racing . The mainstays of the championship are as follows: Until 1970 the championship frequently raced on dirt and clay tracks, but all such tracks were removed permanently by USAC before the 1971 season. From 1915 to 1931 board tracks were frequently used for championship races, however safety concerns and cost of maintenance, especially with
4800-493: Is supported by the contrast in how the crisis progressed in, e.g., Britain, Argentina and Brazil, all of which devalued their currencies early and returned to normal patterns of growth relatively rapidly and countries which stuck to the gold standard , such as France or Belgium. Frantic attempts by individual countries to shore up their economies through protectionist policies – such as the 1930 U.S. Smoot–Hawley Tariff Act and retaliatory tariffs in other countries – exacerbated
4960-923: Is the FIA World Endurance Championship . The main series for GT car racing is the GT World Challenge Europe , divided into two separate championships: the GT World Challenge Europe Sprint Cup and the GT World Challenge Europe Endurance Cup . This series has formed after the folding of the various FIA GT championships. The prevailing classes of GT cars are GT3 , GT4 and GT2 class cars. GT2 cars have powerful engines, often exceeding 600 horsepower. However, they have less downforce than GT3 cars and also have less driver aids. GT3 cars are far and away
American open-wheel car racing - Misplaced Pages Continue
5120-522: Is undergoing a period of transition, but is still the longest-running road racing series in the U.S. The National Auto Sport Association also provides a venue for amateurs to compete in home-built factory-derived vehicles on various local circuits. In sports car racing, production-derived versions of two-seat sports cars , also known as grand tourers (GTs), and purpose-built sports prototype cars compete within their respective classes on closed circuits. The premier championship series of sports car racing
5280-539: The 1932 election , Hoover was defeated by Franklin D. Roosevelt , who from 1933 pursued a series of " New Deal " policies and programs to provide relief and create jobs, including the Civilian Conservation Corps , Federal Emergency Relief Administration , Tennessee Valley Authority , and Works Progress Administration . Historians disagree on the effects of the New Deal, with some claiming that
5440-485: The 1955 Indianapolis 500 , and the 1955 Le Mans disaster . Through 1922 and again from 1930 to 1937, it was commonplace for the cars to be two-seaters, as opposed to the aforementioned standard single-seat form. The driver would be accompanied by a riding mechanic (or "mechanician" ). The national championship was taken over by the United States Auto Club (USAC), a new sanctioning body formed by
5600-634: The 24 Hours of Le Mans , the Rolex 24 at Daytona , 24 Hours of Spa -Franchorchamps, the 12 Hours of Sebring , the 6 Hours of Watkins Glen , and the 1,000-mile (1,600 km) Petit Le Mans at Road Atlanta . There is also the 24 Hours of the Nürburgring on the famed Nordschleife track and the Dubai 24 Hour , which is aimed at GT3 and below cars with a mixture of professional and pro-am drivers. Production-car racing, otherwise known as "showroom stock" in
5760-492: The Indy 500 ) has taken over as the preferred moniker. Apropos to that, when CART was founded in 1979, its acronym stood for Championship Auto Racing Teams , a reflection of the historical use of the term "Championship Car". From its onset, CART started marketed itself with the two-word "Indy Car" term, advertising itself as the "CART Indy Car World Series". Through the mid-1990s, the term "Indy car" referred to machines used to compete in events sanctioned by CART , as well as
5920-582: The New York Bank of United States – which produced panic and widespread runs on local banks, and the Federal Reserve sat idly by while banks collapsed. Friedman and Schwartz argued that, if the Fed had provided emergency lending to these key banks, or simply bought government bonds on the open market to provide liquidity and increase the quantity of money after the key banks fell, all the rest of
6080-553: The WeatherTech SportsCar Championship starting in 2014. These races are often conducted over long distances, at least 1,000 km (621 mi), and cars are driven by teams of two or more drivers, switching every few hours. Due to the performance difference between production-based sports cars and purpose-built sports prototypes, one race usually involves several racing classes, each fighting for its own championship. Famous sports car races include
6240-653: The World Touring Car Cup . The European Touring Car Cup is a one-day event open to Super 2000 specification touring cars from Europe's many national championships. While Super GT traces its lineage to the now-defunct JGTC , the cars are much more similar to GT3 race cars than proper touring cars, and also have much more aggressive aerodynamics. The Sports Car Club of America 's SPEED World Challenge Touring Car and GT championships are dominant in North America. America's historic Trans-Am Series
6400-539: The coming to power of Hitler's Nazi regime in January 1933. The world financial crisis now began to overwhelm Britain; investors around the world started withdrawing their gold from London at the rate of £2.5 million per day. Credits of £25 million each from the Bank of France and the Federal Reserve Bank of New York and an issue of £15 million fiduciary note slowed, but did not reverse,
6560-479: The 1930s, specialist racing cars had developed. There are now numerous different categories, each with different rules and regulations. The first prearranged match race of two self-powered road vehicles over a prescribed route occurred at 4:30 A.M. on August 30, 1867, between Ashton-under-Lyne and Old Trafford , England, a distance of 8 mi (13 km). It was won by the carriage of Isaac Watt Boulton . Internal combustion auto racing events began soon after
American open-wheel car racing - Misplaced Pages Continue
6720-447: The 1937 recession that interrupted it). The common view among most economists is that Roosevelt's New Deal policies either caused or accelerated the recovery, although his policies were never aggressive enough to bring the economy completely out of recession. Some economists have also called attention to the positive effects from expectations of reflation and rising nominal interest rates that Roosevelt's words and actions portended. It
6880-437: The 1960s, drivers and team owners with road racing backgrounds, both American and foreign, began creeping into the series and the paved oval track cars evolved from front-engine " roadsters " to rear-engine formula-style racers . Technology, speed, and expense climbed at a rapid rate. The schedule continued to be dominated by oval tracks, but a few road course races were added to assuage the newcomers. Dirt tracks were dropped from
7040-646: The 1970s, the IndyCars were ready to fill the void. IndyCar was a combination road- and oval-racing championship from this time until the Split. Compared to F1 cars, IndyCars were partly specialized for oval-racing: they were larger and had other safety features, and were designed to run at the higher speeds necessary for oval racing. Because IndyCars were usually "customer" cars that the teams purchased from constructors, and because of rules to contain costs, they were considerably less expensive than F1 cars, each model of which
7200-472: The 1980s and 1990s all over the United States. In North America, stock car racing is the most popular form of auto racing. Primarily raced on oval tracks , stock cars vaguely resemble production cars, but are in fact purpose-built racing machines that are built to tight specifications and, together with touring cars, also called Silhouette racing cars . The largest stock car racing governing body
7360-662: The 1980s–1990s under the sanctioning of Championship Auto Racing Teams (CART). Organizational disputes in 1979 and 1996 split participants and the fanbase among two separate sanctioning bodies. The sport was re-unified in 2008 , and in late 2019, IndyCar was bought by Roger Penske and Penske Entertainment . The national championship was sanctioned by the Contest Board of the American Automobile Association (AAA). The AAA first sanctioned automobile motorsports events in 1902. At first it used
7520-487: The 1990s and early 2000s, international expansion reached overseas with events at Surfer's Paradise , Rio de Janeiro , Motegi , Lausitz , and Rockingham . Towards the end of its run, Champ Car ran races at European tracks such as TT Circuit Assen and Zolder Circuit , intentionally scheduled in regions and dates that would not compete with Formula One. In 2011 IndyCar revived the Astor Cup, first awarded in 1915 as
7680-462: The 24 hours of Le Mans (held annually since 1923) and in the (European) Le Mans series , Asian Le Mans Series and the WeatherTech SportsCar Championship . These cars are referred to as LMP (Le Mans prototype) cars with LMH and LMDh cars being run mainly by manufacturers and the slightly less powerful LMP2 cars run by privateer teams. All three Le Mans Series run GT cars in addition to Le Mans Prototypes; these cars have different restrictions than
7840-813: The British crisis. The financial crisis now caused a major political crisis in Britain in August 1931. With deficits mounting, the bankers demanded a balanced budget; the divided cabinet of Prime Minister Ramsay MacDonald's Labour government agreed; it proposed to raise taxes, cut spending, and most controversially, to cut unemployment benefits 20%. The attack on welfare was unacceptable to the Labour movement. MacDonald wanted to resign, but King George V insisted he remain and form an all-party coalition " National Government ". The Conservative and Liberals parties signed on, along with
8000-545: The CART championship quickly became the more prestigious national championship. USAC ran a "rump" 1979 season, with few big name drivers — the only exception being A. J. Foyt . In 1979, USAC denied several of the entries from the CART teams at the 1979 Indianapolis 500 . The controversy saw a court injunction during the month, which allowed the CART-affiliated entrants to participate. In 1980 USAC and CART jointly formed
8160-467: The CART races and USAC-sanctioned Indy 500 were the same, with only relatively minor rules differences. The Indy 500 field would consist of the CART regulars, and numerous one-off ("Indy only") entries. On occasion, some of the "Indy only" entries also elected to participate in the Michigan 500 and Pocono 500 (both sanctioned by CART) given the increased stature and exposure of those two events. One of
SECTION 50
#17327731201218320-647: The Championship Racing League (CRL) to jointly run the national championship, but IMS management disliked the idea. USAC pulled out of the CRL arrangement in July. CART continued with the schedule for the remainder of the season. Both CART and USAC awarded separate national championship titles that year, and Johnny Rutherford happened to win both. In 1981–1982, the Indianapolis 500 remained sanctioned by USAC. The preeminent national championship
8480-530: The Depression. Businessmen ignored the mounting national debt and heavy new taxes, redoubling their efforts for greater output to take advantage of generous government contracts. During World War I many countries suspended their gold standard in varying ways. There was high inflation from WWI, and in the 1920s in the Weimar Republic , Austria , and throughout Europe. In the late 1920s there
8640-521: The Dow returning to 294 (pre-depression levels) in April 1930, before steadily declining for years, to a low of 41 in 1932. At the beginning, governments and businesses spent more in the first half of 1930 than in the corresponding period of the previous year. On the other hand, consumers, many of whom suffered severe losses in the stock market the previous year, cut expenditures by 10%. In addition, beginning in
8800-592: The FIA GT cars. Another prototype and GT racing championship exists in the United States; the Grand-Am , which began in 2000, sanctions its own endurance series, the Rolex Sports Car Series , which consists of slower and lower-cost Daytona Prototype race cars compared to LMP and FIA GT cars. The Rolex Sports Car Series and American Le Mans Series announced a merger between the two series forming
8960-489: The Federal Reserve did not act to limit the decline of the money supply was the gold standard . At that time, the amount of credit the Federal Reserve could issue was limited by the Federal Reserve Act , which required 40% gold backing of Federal Reserve Notes issued. By the late 1920s, the Federal Reserve had almost hit the limit of allowable credit that could be backed by the gold in its possession. This credit
9120-442: The Great Depression is right, or the traditional Keynesian explanation that a fall in autonomous spending, particularly investment, is the primary explanation for the onset of the Great Depression. Today there is also significant academic support for the debt deflation theory and the expectations hypothesis that – building on the monetary explanation of Milton Friedman and Anna Schwartz – add non-monetary explanations. There
9280-642: The Great Depression. According to the U.S. Senate website, the Smoot–Hawley Tariff Act is among the most catastrophic acts in congressional history. Many economists have argued that the sharp decline in international trade after 1930 helped to worsen the depression, especially for countries significantly dependent on foreign trade. Most historians and economists blame the Act for worsening the depression by seriously reducing international trade and causing retaliatory tariffs in other countries. While foreign trade
9440-563: The Indianapolis 500 would be the final race of the respective season. However, between the 1984–85 season and the 1994–95 season (its final season), the USAC Gold Crown Championship only had one points-paying race: the Indianapolis 500 . As a result, during that timespan, the winner of the Indy 500 would win that year's USAC Gold Crown Championship by default. In 1994, Tony Hulman 's grandson, Tony George , president of
9600-495: The Indianapolis Motor Speedway (the trademark owner) over the use of the moniker. Eventually a settlement was reached in which CART gave up use of the name, but the IRL in turn could not use it until 2003. CART rebranded themselves with the CART name, and began referring to their machines as Champ Cars. CART's existing national championship remained dominant after the split for some time, initially retaining
9760-475: The Indianapolis Motor Speedway, founded the Indy Racing League (IRL), to begin competition in 1996. It would exist as a separate championship, and leveraged the fame of the Indianapolis 500, which was placed as its centerpiece. After the IRL announced that 25 teams that competed in IRL races would get automatic qualifications to the race, making it impossible for the majority of the CART field to make
SECTION 60
#17327731201219920-680: The Indianapolis Motor Speedway, while in Europe, racing from point to point and around large circuits gained in popularity. Grand Prix racing (which became Formula One ) and rallying then diverged in Europe. Formula One was established after World War II as the World Championship for road racing, and F1 cars became increasingly specialized and high-tech. In the 1960s, road racing gained popularity in North America, and Formula One-style design ideas changed IndyCars, which until then had all been classic-styled front-engined roadsters. When North America's road racing championship, Can-Am Challenge , collapsed in
10080-472: The National Championship . The term "Big Cars" saw some limited use; a term that identified the machines as larger and faster than junior formulae such as sprints and midgets . That term disappeared from use and was instead largely used for Sprint cars . However, some promoters continued to advertise their championship events with the term "Big Cars", which leads to some inconsistencies. In
10240-481: The New Deal prolonged the Great Depression, as they argue that National Industrial Recovery Act of 1933 and National Labor Relations Act of 1935 restricted competition and established price fixing. John Maynard Keynes did not think that the New Deal under Roosevelt single-handedly ended the Great Depression: "It is, it seems, politically impossible for a capitalistic democracy to organize expenditure on
10400-491: The U.K. economy, which experienced an economic downturn throughout most of the late 1920s, was less severely impacted by the shock of the depression than the U.S. By contrast, the German economy saw a similar decline in industrial output as that observed in the U.S. Some economic historians attribute the differences in the rates of recovery and relative severity of the economic decline to whether particular countries had been able to effectively devaluate their currencies or not. This
10560-425: The U.S. government primarily on account of rationing . Racing resumed in full in 1946. The 1946 season is unique, in that it included six Champ Car events, and 71 " Big Car " races, as organizers were initially unsure about the availability of cars and participation. AAA ceased participation in auto racing at the end of the 1955 season. It cited a series of high-profile fatal accidents, namely Bill Vukovich during
10720-422: The U.S. took place in 1967 at Mosport and Saint-Jovite in Canada . In 1971 , the USAC season-opening race was held at Rafaela . In the autumn of 1978, two races were held in England , the first at Silverstone , then a week later at Brands Hatch . Beginning in the mid-1980s, CART expanded throughout North America , venturing into Mexico ( Mexico City ) and Canada ( Sanair , Toronto and Vancouver ). In
10880-435: The U.S. unemployment rate down below 10%. World War II had a dramatic effect on many parts of the American economy. Government-financed capital spending accounted for only 5% of the annual U.S. investment in industrial capital in 1940; by 1943, the government accounted for 67% of U.S. capital investment. The massive war spending doubled economic growth rates, either masking the effects of the Depression or essentially ending
11040-607: The UK and upwards of 7000 active drivers. The sport is split into three basic divisions – distinguished by the rules regarding car contact during racing. The most famous championship are the BriSCA F1 Stock Cars . Full-contact formulas include Bangers , Bombers, and Rookie Bangers – and racing features Demolition Derbies, Figure of Eight, and Oval Racing. Semi Contact Formulas include BriSCA F1, F2, and Superstox – where bumpers are used tactically. Non-contact formulas include National Hot Rods, Stock Rods, and Lightning Rods. Great Depression The Great Depression
11200-532: The UK, the major club series are the Monoposto Racing Club , BRSCC F3 (formerly ClubF3, formerly ARP F3), Formula Vee and Club Formula Ford. Each series caters to a section of the market, with some primarily providing low-cost racing, while others aim for an authentic experience using the same regulations as the professional series (BRSCC F3). The SCCA is also responsible for sanctioning single-seater racing in much of North America. There are other categories of single-seater racing, including kart racing , which employs
11360-401: The US, is an economical and rules-restricted version of touring-car racing, mainly used to restrict costs. Numerous production racing categories are based on particular makes of cars. Most series, with a few exceptions, follow the Group N regulation. There are several different series that are run all over the world, most notably, Japan's Super Taikyu and IMSA 's Firehawk Series, which ran in
11520-524: The United States during WWI , but the official national championship was suspended. The Indianapolis 500 itself was voluntarily suspended for 1917–1918 due to the war. In 1920, the championship officially resumed, and despite the difficult economic climate that would later follow, ran continuously throughout the Depression . Shortly after Pearl Harbor , all auto racing was suspended during World War II. From 1942 to 1945 no events were contested, banned by
11680-622: The United States, agricultural organizations sponsored programs to teach housewives how to optimize their gardens and to raise poultry for meat and eggs. Rural women made feed sack dresses and other items for themselves and their families and homes from feed sacks. In American cities, African American women quiltmakers enlarged their activities, promoted collaboration, and trained neophytes. Quilts were created for practical use from various inexpensive materials and increased social interaction for women and promoted camaraderie and personal fulfillment. Oral history provides evidence for how housewives in
11840-551: The United States, including the NASCAR Canada Series , NASCAR Mexico Series , NASCAR Whelen Euro Series , and NASCAR Brasil Sprint Race . NASCAR also governs several smaller regional series, such as the Whelen Modified Tour . Modified cars are best described as open-wheel cars. Modified cars have no parts related to the stock vehicle for which they are named after. A number of modified cars display
12000-543: The United States, remained on the gold standard into 1932 or 1933, while a few countries in the so-called "gold bloc", led by France and including Poland, Belgium and Switzerland, stayed on the standard until 1935–36. According to later analysis, the earliness with which a country left the gold standard reliably predicted its economic recovery. For example, The UK and Scandinavia, which left the gold standard in 1931, recovered much earlier than France and Belgium, which remained on gold much longer. Countries such as China, which had
12160-438: The United States, the most popular series is the IndyCar Series . The cars have traditionally been similar to, though less technologically sophisticated than, F1 cars , with more restrictions on technology aimed at controlling costs. While these cars are not as technologically advanced, they are faster, in part due to their lower downforce compared to F1 cars, and also because they compete on oval race tracks, being able to average
12320-638: The Wall Street crash, after which the slide continued for three years, which was accompanied by a loss of confidence in the financial system. By 1933, the U.S. unemployment rate had risen to 25 percent, about one-third of farmers had lost their land, and about half of the country's 25,000 banks had gone out of business. Many people, unable to pay mortgages or rent, became homeless and relied on begging or charities to feed themselves. The U.S. federal government initially did little to help. President Herbert Hoover , like many of his fellow Republicans , believed in
12480-681: The World Series by Renault, succession series of World Series by Nissan ), Formula Three , Formula Palmer Audi and Formula Atlantic . In 2009, the FIA Formula Two Championship brought about the revival of the F2 series. Domestic, or country-specific, series include Formula Three and Formula Renault, with the leading introductory series being Formula Ford . Single-seater racing is not limited merely to professional teams and drivers. There exist many amateur racing clubs. In
12640-460: The banks would not have fallen after the large ones did, and the money supply would not have fallen as far and as fast as it did. With significantly less money to go around, businesses could not get new loans and could not even get their old loans renewed, forcing many to stop investing. This interpretation blames the Federal Reserve for inaction, especially the New York branch . One reason why
12800-573: The beginning of the Depression. The Depression was preceded by a period of industrial growth and social development known as the " Roaring Twenties ". Much of the profit generated by the boom was invested in speculation , such as on the stock market , which resulted in growing wealth inequality . Banks were subject to minimal regulation under laissez-faire economic policies, resulting in loose lending and widespread debt. By 1929, declining spending had led to reductions in manufacturing output and rising unemployment . Share values continued to rise until
12960-465: The behavior of housewives. The common view among economic historians is that the Great Depression ended with the advent of World War II . Many economists believe that government spending on the war caused or at least accelerated recovery from the Great Depression, though some consider that it did not play a very large role in the recovery, though it did help in reducing unemployment. The rearmament policies leading up to World War II helped stimulate
13120-462: The collapse in global trade, contributing to the depression. By 1933, the economic decline pushed world trade to one third of its level compared to four years earlier. While the precise causes for the occurrence of the Great depression are disputed and can be traced to both global and national phenomena, its immediate origins are most conveniently examined in the context of the U.S. economy, from which
13280-592: The construction of the first successful gasoline -fueled automobiles. The first organized contest was on April 28, 1887, by the chief editor of Paris publication Le Vélocipède , Monsieur Fossier. It ran 2 kilometres (1.2 mi) from Neuilly Bridge to the Bois de Boulogne. On July 22, 1894, the Parisian magazine Le Petit Journal organized what is considered to be the world's first motoring competition, from Paris to Rouen. One hundred and two competitors paid
13440-553: The course, however, they lead back to streets for the rest of the lap. For the majority of the national championship, the races have been held inside the United States. American championship cars raced at the Monza oval in 1957 and 1958 alongside Formula One and sports cars in the non-championship Race of Two Worlds . Also, in 1966 there was a non-championship USAC race at Fuji Speedway in Japan. The first championship events outside
13600-475: The crash was a mere symptom of more general economic trends of the time, which had already been underway in the late 1920s. A contrasting set of views, which rose to prominence in the later part of the 20th century, ascribes a more prominent role to failures of monetary policy . According to those authors, while general economic trends can explain the emergence of the downturn, they fail to account for its severity and longevity; they argue that these were caused by
13760-625: The crisis, the U.S. Congress passed the Smoot–Hawley Tariff Act on 17 June 1930. The Act was ostensibly aimed at protecting the American economy from foreign competition by imposing high tariffs on foreign imports. The consensus view among economists and economic historians (including Keynesians , Monetarists and Austrian economists ) is that the passage of the Smoot–Hawley Tariff had, in fact, achieved an opposite effect to what
13920-633: The decade. The Depression had devastating economic effects on both wealthy and poor countries: all experienced drops in personal income , prices ( deflation ), tax revenues, and profits. International trade fell by more than 50%, and unemployment in some countries rose as high as 33%. Cities around the world , especially those dependent on heavy industry , were heavily affected. Construction virtually halted in many countries, and farming communities and rural areas suffered as crop prices fell by up to 60%. Faced with plummeting demand and few job alternatives, areas dependent on primary sector industries suffered
14080-470: The decades after World War II . The " Golden Era " of the front-engined roadsters was followed by a decade of innovation and transition in the 1960s. By the late-1960s and early-1970s, the cars had rapidly evolved to rear-engined , formula-style machines. Speeds climbed on the superspeedways to over 200 miles per hour (320 km/h), while international participation also increased. The sport saw much success, exposure, and popularity particularly during
14240-408: The depression. Not all governments enforced the same measures of protectionism. Some countries raised tariffs drastically and enforced severe restrictions on foreign exchange transactions, while other countries reduced "trade and exchange restrictions only marginally": The gold standard was the primary transmission mechanism of the Great Depression. Even countries that did not face bank failures and
14400-435: The domestic price level to decline ( deflation ). There is also consensus that protectionist policies, and primarily the passage of the Smoot–Hawley Tariff Act , helped to exacerbate, or even cause the Great Depression. Some economic studies have indicated that the rigidities of the gold standard not only spread the downturn worldwide, but also suspended gold convertibility (devaluing the currency in gold terms) that did
14560-402: The drop in demand. Monetarists believe that the Great Depression started as an ordinary recession, but the shrinking of the money supply greatly exacerbated the economic situation, causing a recession to descend into the Great Depression. Economists and economic historians are almost evenly split as to whether the traditional monetary explanation that monetary forces were the primary cause of
14720-427: The economies of Europe in 1937–1939. By 1937, unemployment in Britain had fallen to 1.5 million. The mobilization of manpower following the outbreak of war in 1939 ended unemployment. The American mobilization for World War II at the end of 1941 moved approximately ten million people out of the civilian labor force and into the war. This finally eliminated the last effects from the Great Depression and brought
14880-576: The end of the month. A large sell-off of stocks began in mid-October. Finally, on 24 October, Black Thursday , the American stock market crashed 11% at the opening bell. Actions to stabilize the market failed, and on 28 October, Black Monday, the market crashed another 12%. The panic peaked the next day on Black Tuesday, when the market saw another 11% drop. Thousands of investors were ruined, and billions of dollars had been lost; many stocks could not be sold at any price. The market recovered 12% on Wednesday but by then significant damage had been done. Though
15040-500: The explanations of the Keynesians and monetarists. The consensus among demand-driven theories is that a large-scale loss of confidence led to a sudden reduction in consumption and investment spending. Once panic and deflation set in, many people believed they could avoid further losses by keeping clear of the markets. Holding money became profitable as prices dropped lower and a given amount of money bought ever more goods, exacerbating
15200-633: The fall of 1977. A few months later, eight key USAC officials were killed in a plane crash . By the end of 1978, the owners had broken away and founded Championship Auto Racing Teams (CART) to wrest control of Championship racing away from USAC. Championship Auto Racing Teams (CART) was formed by most of the existing team owners, with some initial assistance from the SCCA (in order to be recognized by ACCUS ). Therefore, there were two national championships run each by USAC and CART. The Indianapolis 500 remained under USAC sanction. The top teams allied to CART, and
15360-503: The few women in the labor force, layoffs were less common in the white-collar jobs and they were typically found in light manufacturing work. However, there was a widespread demand to limit families to one paid job, so that wives might lose employment if their husband was employed. Across Britain, there was a tendency for married women to join the labor force, competing for part-time jobs especially. In France, very slow population growth, especially in comparison to Germany continued to be
15520-505: The first week of June, 540 million in the second, and 150 million in two days, 19–20 June. Collapse was at hand. U.S. President Herbert Hoover called for a moratorium on payment of war reparations . This angered Paris, which depended on a steady flow of German payments, but it slowed the crisis down, and the moratorium was agreed to in July 1931. An International conference in London later in July produced no agreements but on 19 August
15680-679: The focus was changed to the Australian Supercars Championship in 2010. Some of the other races from the Champ Car schedule were dropped or put on hiatus for a few seasons. All historical record and property of CART/CCWS was assumed by the IRL. Randy Bernard was announced as the new IRL CEO in February 2010. In 2011, the sanctioning body dropped the Indy Racing League name, becoming IndyCar to reflect
15840-606: The government tried to reshape private household consumption under the Four-Year Plan of 1936 to achieve German economic self-sufficiency. The Nazi women's organizations, other propaganda agencies and the authorities all attempted to shape such consumption as economic self-sufficiency was needed to prepare for and to sustain the coming war. The organizations, propaganda agencies and authorities employed slogans that called up traditional values of thrift and healthy living. However, these efforts were only partly successful in changing
16000-519: The home, or took boarders, did laundry for trade or cash, and did sewing for neighbors in exchange for something they could offer. Extended families used mutual aid—extra food, spare rooms, repair-work, cash loans—to help cousins and in-laws. In Japan, official government policy was deflationary and the opposite of Keynesian spending. Consequently, the government launched a campaign across the country to induce households to reduce their consumption, focusing attention on spending by housewives. In Germany,
16160-527: The initial crisis spread to the rest of the world. In the aftermath of World War I , the Roaring Twenties brought considerable wealth to the United States and Western Europe. Initially, the year 1929 dawned with good economic prospects: despite a minor crash on 25 March 1929, the market seemed to gradually improve through September. Stock prices began to slump in September, and were volatile at
16320-563: The lack of an adequate response to the crises of liquidity that followed the initial economic shock of 1929 and the subsequent bank failures accompanied by a general collapse of the financial markets. After the Wall Street Crash of 1929 , when the Dow Jones Industrial Average dropped from 381 to 198 over the course of two months, optimism persisted for some time. The stock market rose in early 1930, with
16480-783: The last step up to premier GT-class racing. Other major GT championships include the GT World Challenge America , GT World Challenge Asia , Super GT , and the International GT Open . There are minor regional and national GT series using mainly GT4 and GT3 cars featuring both amateur and professional drivers. Sports prototypes, unlike GT cars, do not rely on road-legal cars as a base. They are closed-wheel and often closed-cockpit purpose-built race cars intended mainly for endurance racing. They have much lower weight, more horsepower and more downforce compared to GT cars, making them much faster. They are raced in
16640-459: The machines competing in the Indianapolis 500 (sanctioned singly by USAC ). In 1992, the CamelCase term "IndyCar" was trademarked by IMS, Inc. It was licensed to CART from 1992 through 1996. After the inception of the Indy Racing League in 1996, the terms of the contract were voided after a lawsuit. As part of the settlement, the term was shelved by a six-year non-use agreement. Following
16800-521: The market entered a period of recovery from 14 November until 17 April 1930, the general situation had been a prolonged slump. From 17 April 1930 until 8 July 1932, the market continued to lose 89% of its value. Despite the crash, the worst of the crisis did not reverberate around the world until after 1929. The crisis hit panic levels again in December 1930, with a bank run on the Bank of United States ,
16960-426: The marketing power of the Indy 500 name for their events, even though the Champ Car series they were promoting no longer had any ties to that race. The exceptions created confusion, and Champ Car gradually phased out the usage to distance itself further from the IRL. After the settlement expired in 2003, the term IndyCar was brought back. The Indy Racing League was re-branded as the "IRL IndyCar Series". The machines in
17120-699: The merged series. The new Dallara DW12 racecar was introduced for the 2012 season. Bernard was replaced by Mark Miles in 2012. The series operated under the name IZOD IndyCar Series from 2010 to 2013, then became known as the Verizon IndyCar Series from 2014 to 2018, and the NTT IndyCar Series since 2019. In 2020, the IndyCar Series, as well as the Indianapolis Motor Speedway and other holdings,
17280-414: The mid-1930s, a severe drought ravaged the agricultural heartland of the U.S. Interest rates dropped to low levels by mid-1930, but expected deflation and the continuing reluctance of people to borrow meant that consumer spending and investment remained low. By May 1930, automobile sales declined to below the levels of 1928. Prices, in general, began to decline, although wages held steady in 1930. Then
17440-406: The modern Dallara DW12 spec car used in the IndyCar Series sits in between a Formula 2 and a Formula One car on road and street courses in terms of performance. Both Ilott and Lundgaard have stated that the IndyCar's lack of power steering combined with the lower downforce levels and roughly 100 horsepower advantage make the IndyCar harder to drive than a Formula 2 car. Both noted however that around
17600-423: The monetary base and by not injecting liquidity into the banking system to prevent it from crumbling, the Federal Reserve passively watched the transformation of a normal recession into the Great Depression. Friedman and Schwartz argued that the downward turn in the economy, starting with the stock market crash, would merely have been an ordinary recession if the Federal Reserve had taken aggressive action. This view
17760-447: The more noticeable rule differences by USAC was allowing " stock block " engines a higher level of turbocharger boost. While most full-time CART-based teams utilized their V-8 quadcam engines at Indy, some of the smaller and "Indy only" teams elected to run stock block engines at Indy, attracted by the boost rules. USAC's Gold Crown Championship continued, settling into an unusual June through May schedule calendar. This provided that
17920-582: The more preeminent national championship trail. In 2005, the IRL added road/street courses, and began picking up several former CART venues. And in 2007, Champ Car raced in Europe for the first time since 2003, with races in The Netherlands and Belgium and a planned round in Spain in 2008 before the unification. Prior to the start of the 2008 season, the CCWS Board authorized bankruptcy and Champ Car
18080-442: The most popular class of GT cars, with premier racing series such as the FIA World Endurance Championship and IMSA both using GT3 as their top class of GT car. GT3 cars have more significant aero than a GT2 car, but also have less horsepower, typically falling in between 500 and 550 horsepower. GT4 class cars have very little aerodynamics and less horsepower than GT3 machinery, typically around 450 horsepower. GT4 typically serves as
18240-502: The most to make recovery possible. Every major currency left the gold standard during the Great Depression. The UK was the first to do so. Facing speculative attacks on the pound and depleting gold reserves , in September 1931 the Bank of England ceased exchanging pound notes for gold and the pound was floated on foreign exchange markets. Japan and the Scandinavian countries followed in 1931. Other countries, such as Italy and
18400-427: The most. The outbreak of World War II in 1939 ended the Depression, as it stimulated factory production, providing jobs for women as militaries absorbed large numbers of young, unemployed men. The precise causes for the Great Depression are disputed. One set of historians, for example, focuses on non-monetary economic causes. Among these, some regard the Wall Street crash itself as the main cause; others consider that
18560-429: The national championship after 1970. During the 1970s, the increasing costs began to drive some of the traditional USAC car owners out of the sport. The dominant teams became Penske, Patrick, Gurney, and McLaren, all run by people with road racing backgrounds. There was a growing dissent between these teams and USAC management. Events outside Indianapolis were suffering from low attendance, and poor promotion. The Indy 500
18720-582: The need to balance the national budget and was unwilling to implement expensive welfare spending . In 1930, Hoover signed the Smoot–Hawley Tariff Act , which taxed imports with the intention of encouraging buyers to purchase American products, which worsened the Depression because foreign governments retaliated with tariffs on American exports. In 1932, Hoover established the Reconstruction Finance Corporation , which offered loans to businesses and support to local governments. In
18880-464: The oldest car racing series still active in the world. The first TC competition took place in 1931 with 12 races, each in a different province. Future Formula One star Juan Manuel Fangio (Chevrolet) won the 1940 and 1941 editions of the TC. It was during this time that the series' Chevrolet-Ford rivalry began, with Ford acquiring most of its historical victories. Over the last few years, auto racing has seen
19040-511: The oldest existing purpose-built and still in use automobile race course in the United States is the 2.5-mile-long (4.0 km) Indianapolis Motor Speedway in Speedway, Indiana . It is the largest capacity sports venue of any variety worldwide, with a top capacity of some 257,000+ seated spectators. NASCAR was founded by Bill France Sr. on February 21, 1948, with the help of several other drivers. The first NASCAR " Strictly Stock " race ever
19200-652: The onset of the Great Depression , and nearly all were demolished in the 1930s. The Pikes Peak Hillclimb was a round of the championship in the years 1947—1955 and 1965–1969. In 1909 a point-to-point race from Los Angeles to Phoenix was included in the championship. Airport runways have also been used to create temporary circuits. The most notable used for open-wheel racing was the Cleveland Grand Prix at Burke Lakefront Airport . St. Pete and Edmonton also utilize airport runways for parts of
19360-560: The other at different times. But for the foreseeable future, F1 cars will have considerably more power than the spec IndyCar. Alex Zanardi , who drove both in F1 and CART, said that the lighter, naturally aspirated F1 car was more responsive and accelerated off the turns faster, while the turbocharged CART car was more stable and accelerated to top speed faster. More recently Formula 2 drivers Callum Ilott and Christian Lundgaard , who are both also test and reserve drivers for Alpine F1 and Scuderia Ferrari respectively, have stated that
19520-483: The physical volume of exports fall, but also the prices fell by about 1 ⁄ 3 as written. Hardest hit were farm commodities such as wheat, cotton, tobacco, and lumber. Governments around the world took various steps into spending less money on foreign goods such as: "imposing tariffs, import quotas, and exchange controls". These restrictions triggered much tension among countries that had large amounts of bilateral trade, causing major export-import reductions during
19680-480: The policies prolonged the Depression instead of shortening it. Between 1929 and 1932, worldwide gross domestic product (GDP) fell by an estimated 15%; in the U.S., the Depression resulted in a 30% contraction in GDP. Recovery varied greatly around the world. Some economies, such as the U.S., Germany and Japan started to recover by the mid-1930s; others, like France, did not return to pre-shock growth rates until later in
19840-406: The political situation in Europe. In their book, A Monetary History of the United States , Milton Friedman and Anna J. Schwartz also attributed the recovery to monetary factors, and contended that it was much slowed by poor management of money by the Federal Reserve System . Chairman of the Federal Reserve (2006–2014) Ben Bernanke agreed that monetary factors played important roles both in
20000-549: The post- World War II era, the term "Speedway Cars" saw limited use; a loosely descriptive term, distinguishing the machines as those driven at the Indianapolis Motor Speedway and other major speedways , as opposed to those driven at smaller tracks, for instance. Nevertheless, the term "Championship/Champ Cars" prevailed as the preferred moniker. In most years since the USAC era, the term "Indy cars" (after
20160-405: The race, CART teams boycotted the 1996 Indy 500. It was the beginning of the second open-wheel "split". Initially, USAC sanctioned the IRL, however after officiating controversies in 1997 at Indianapolis and Texas , the USAC was replaced by the IRL's in-house officiating. CART, which had been licensing the trademarked "IndyCar" name for several seasons, subsequently entered into a legal battle with
20320-569: The reduction of the schedule from 56 to 34 races a year, established 1972 as the beginning of NASCAR's "modern era". The IMSA GT Series evolved into the American Le Mans Series , which ran its first season in 1998. The European races eventually became the closely related European Le Mans Series , both of which mix prototypes and GTs. Turismo Carretera (TC) is a popular touring car racing series in Argentina, and one of
20480-669: The rules of the Automobile Club of America (ACA), but it formed its own rules in 1903. It introduced the first track season championship for racing cars in 1905 . Barney Oldfield was the first champion. No official season championship was recognized from 1906 to 1915, however, many races were held. Official records regard 1916 as the next contested championship season. Years later, retroactive titles were named back to 1902. These post factum seasons (1902–1904, 1906–1915, and 1917–1919) are considered unofficial and revisionist history by accredited historians. Racing did not cease in
20640-434: The scale necessary to make the grand experiments which would prove my case—except in war conditions." According to Christina Romer , the money supply growth caused by huge international gold inflows was a crucial source of the recovery of the United States economy, and that the economy showed little sign of self-correction. The gold inflows were partly due to devaluation of the U.S. dollar and partly due to deterioration of
20800-592: The series championship trophy. A black granite base has been added displaying the names of all the American Championship car racing series winners since 1909. The 1916, 1936 and 1937 Vanderbilt Cup races were included in the national championship. The 1909–1915 races were retrospectively added to the championship in 1926. CART resurrected the Cup in 1996 as the winner's trophy for the US500 race. When that race
20960-437: The series were also referred to as "Indy cars". Despite the official acknowledgment, media and fans alike would continue to use the term "IRL" to describe the series, and to a lesser extent, "IRL cars" to describe the machines. Removing the "IRL" term from use proved difficult. With two series ( IndyCar and Champ Car ) still competing parallel, the umbrella terms "Open Wheel Cars" and "Open Wheel Racing" saw increased use during
21120-512: The settlement, and the lack of connection to the Indy 500 , CART decided to revert to the former term. It re-assumed the name CART , and the machines would be referred to again as "Champ cars". This continued after CART was reorganized into CCWS . Complicating the situation resulting from the open-wheel split, CART/Champ Car races held outside the United States were still permitted to use the Indy moniker (e.g., Molson Indy Toronto and Lexmark Indy 300 ). Foreign venue promoters took advantage of
21280-422: The split and post-split era. Many drivers had logged starts in both series at one time or another during their careers. The term was used as a way to combine a driver's career accomplishments without being series/machine specific. It also served to link the lineage of events, teams, drivers, etc., even as they switched sanctioning bodies. In 2008, when Champ Car World Series was merged into the Indy Racing League,
21440-711: The sport, former Formula 2 champion Jonathan Palmer reopened the F2 category again; most drivers have graduated from the Formula Palmer Audi series. The category is officially registered as the FIA Formula Two championship. Most rounds have two races and are support races to the FIA World Touring Car Championship . Touring car racing is a style of road racing that is run with production-derived four-seat race cars. The lesser use of aerodynamics means following cars have
21600-795: The term "Champ Car" was permanently retired. The unified racing series fell under the "IndyCar" name, and the machines would be known as "Indy cars". On January 1, 2011, the names "Indy Racing League" and "IRL" were officially retired. The sanction body was re-branded as INDYCAR LLC , and the premier touring series was named the IndyCar Series (currently known as the NTT IndyCar Series for sponsorship reasons). At first, American and European open-wheel racing were not distinct disciplines. Races on both continents were mostly point-to-point races, and large ovals tracks emerged on both continents. But in America, racing took off at horse-race tracks and at
21760-475: The term is commonly used to describe all forms of automobile sport including non-racing disciplines. Auto racing has existed since the invention of the automobile. Races of various types were organized, with the first recorded as early as 1867. Many of the earliest events were effectively reliability trials , aimed at proving these new machines were a practical mode of transport, but soon became an important way for automobile makers to demonstrate their machines. By
21920-417: The then-owner of the Indianapolis Motor Speedway , Tony Hulman . Championship racing continued to grow in popularity in a stabilized environment for over two decades, with the two traditional disciplines of paved oval tracks and dirt oval tracks. During the 1950s, front-engined "roadsters" became the dominant cars on the paved oval tracks, while "upright" Champ Dirt Cars continued to dominate on dirt tracks. In
22080-422: The top drivers, teams, and sponsors. However, in 2000, CART teams began to return to the Indy 500, eventually defecting permanently to the IRL. For 2003, it lost title sponsor FedEx and engine providers Honda and Toyota to the IRL. After steadily losing teams and drivers, sponsors, and manufacturers, and after a series of major financial setbacks, CART filed for bankruptcy in 2003. The assets were purchased by
22240-476: The world, recovery from the Great Depression began in 1933. In the U.S., recovery began in early 1933, but the U.S. did not return to 1929 GNP for over a decade and still had an unemployment rate of about 15% in 1940, albeit down from the high of 25% in 1933. There is no consensus among economists regarding the motive force for the U.S. economic expansion that continued through most of the Roosevelt years (and
22400-673: The world. The financial crisis escalated out of control in mid-1931, starting with the collapse of the Credit Anstalt in Vienna in May. This put heavy pressure on Germany, which was already in political turmoil. With the rise in violence of National Socialist ('Nazi') and Communist movements, as well as investor nervousness at harsh government financial policies, investors withdrew their short-term money from Germany as confidence spiraled downward. The Reichsbank lost 150 million marks in
22560-778: The worldwide economic decline and eventual recovery. Bernanke also saw a strong role for institutional factors, particularly the rebuilding and restructuring of the financial system, and pointed out that the Depression should be examined in an international perspective. Women's primary role was as housewives; without a steady flow of family income, their work became much harder in dealing with food and clothing and medical care. Birthrates fell everywhere, as children were postponed until families could financially support them. The average birthrate for 14 major countries fell 12% from 19.3 births per thousand population in 1930, to 17.0 in 1935. In Canada, half of Roman Catholic women defied Church teachings and used contraception to postpone births. Among
22720-658: Was a scramble to deflate prices to get the gold standard's conversation rates back on track to pre-WWI levels, by causing deflation and high unemployment through monetary policy. In 1933 FDR signed Executive Order 6102 and in 1934 signed the Gold Reserve Act . The two classic competing economic theories of the Great Depression are the Keynesian (demand-driven) and the Monetarist explanation. There are also various heterodox theories that downplay or reject
22880-443: Was a severe global economic downturn from 1929 to 1939. The period was characterized by high rates of unemployment and poverty; drastic reductions in liquidity , industrial production, and trade; and widespread bank and business failures around the world. The economic contagion began in 1929 in the United States , the largest economy in the world, with the devastating Wall Street stock market crash of October 1929 often considered
23040-478: Was a small part of overall economic activity in the U.S. and was concentrated in a few businesses like farming, it was a much larger factor in many other countries. The average ad valorem (value based) rate of duties on dutiable imports for 1921–1925 was 25.9% but under the new tariff it jumped to 50% during 1931–1935. In dollar terms, American exports declined over the next four years from about $ 5.2 billion in 1929 to $ 1.7 billion in 1933; so, not only did
23200-560: Was absorbed into the IRL, creating a unified series for the national championship for the first time since 1978. The unified series competed under the name IndyCar Series . The two calendars were merged into one schedule, with the top Champ Car races such as Long Beach (which was a CCWS-sanctioned event with IRL points before being an official round of the IRL in 2009), Edmonton and Surfers Paradise in Australia surviving, later being replaced with an A1GP event in 2009 that never happened before
23360-463: Was created in 2006. The group was an assemblage of drivers from different racing disciplines and formed for an MTV reality pilot, which was shot at Mazda Raceway Laguna Seca . In December 2005, the FIA gave approval to Superleague Formula racing, which debuted in 2008, whereby the racing teams are owned and run by prominent sports clubs such as A.C. Milan and Liverpool F.C. After 25 years away from
23520-417: Was designed by the team that used it. After the Split in the 1990s, CART maintained the old formula while the IRL drifted toward the "spec" design that has been the only IndyCar model since 2003 (which changed in 2012, with specialized aero kits available from 2015 to 2017). As engine formulas have changed, and as engine technology has developed over time, F1 cars and IndyCars have each produced more power than
23680-456: Was discontinued in 2000, the Cup changed roles and became the championship trophy. Champ Car retained the rights to use the trophy after CART's bankruptcy, but use of the trophy was discontinued after Champ Car's merger with the Indy Racing League. Automobile racing Auto racing (also known as car racing , motor racing , or automobile racing ) is a motorsport involving the racing of automobiles for competition. In North America,
23840-474: Was endorsed in 2002 by Federal Reserve Governor Ben Bernanke in a speech honoring Friedman and Schwartz with this statement: Let me end my talk by abusing slightly my status as an official representative of the Federal Reserve. I would like to say to Milton and Anna: Regarding the Great Depression, you're right. We did it. We're very sorry. But thanks to you, we won't do it again. The Federal Reserve allowed some large public bank failures – particularly that of
24000-426: Was given by American economists Milton Friedman and Anna J. Schwartz . They argued that the Great Depression was caused by the banking crisis that caused one-third of all banks to vanish, a reduction of bank shareholder wealth and more importantly monetary contraction of 35%, which they called "The Great Contraction ". This caused a price drop of 33% ( deflation ). By not lowering interest rates, by not increasing
24160-744: Was held on June 19, 1949, at Daytona Beach, Florida , U.S.. From 1962, sports cars temporarily took a back seat to GT cars , with the Fédération Internationale de l'Automobile (FIA) replacing the World Championship for Sports Cars with the International Championship for GT Manufacturers. From 1962 through 2003, NASCAR's premier series was called the Winston Cup Series, sponsored by R. J. Reynolds Tobacco Company cigarette brand Winston . The changes that resulted from RJR's involvement, as well as
24320-500: Was in the form of Federal Reserve demand notes. A "promise of gold" is not as good as "gold in the hand", particularly when they only had enough gold to cover 40% of the Federal Reserve Notes outstanding. During the bank panics, a portion of those demand notes was redeemed for Federal Reserve gold. Since the Federal Reserve had hit its limit on allowable credit, any reduction in gold in its vaults had to be accompanied by
24480-446: Was intended. It exacerbated the Great Depression by preventing economic recovery after domestic production recovered, hampering the volume of trade; still there is disagreement as to the precise extent of the Act's influence. In the popular view, the Smoot–Hawley Tariff was one of the leading causes of the depression. In a 1995 survey of American economic historians, two-thirds agreed that the Smoot–Hawley Tariff Act at least worsened
24640-472: Was now the one being sanctioned by CART. The Indy 500 field would consist largely of CART teams, as well as numerous independent, "Indy-only" teams. Indianapolis was not included as a points-paying round of the CART national championship. In addition, by that time USAC had designated Indianapolis an "invitational" race, offering entries only to invited teams. That moved in part to prevent the uproar over denied entries which occurred in 1979. One further race in 1981
24800-445: Was run by USAC at Pocono . This race was not supported by many CART teams, and featured a mixed field filled out by converted dirt track cars. USAC soon stopped sanctioning championship races outside the Indianapolis 500. Stability returned and the national championship was now run by CART full-time. The Indianapolis 500 was sanctioned singly by USAC, but points were paid towards the CART season championship. The cars and engines used in
24960-493: Was sold to Penske Entertainment Corp., a subsidiary of the Penske Corporation , owned by Roger Penske . The race cars participating in national championship events have been referred to by various names. Early nomenclature was to call the machines "Championship Cars", which was later shortened to "Champ Cars". This was a simple, yet descriptive term, which positively identified the machines as those that competed for
25120-429: Was televised on a same day tape delayed basis on ABC, however, most of the other races had little or no coverage on television. Towards the end of the decade, the growing dissent prompted several car owners to consider creating a new sanctioning body to conduct the races. Meanwhile, two events had a concomitant effect on the situation. Tony Hulman , president of the Indianapolis Motor Speedway and founder of USAC, died in
25280-863: Was the oldest sports car racing event, part of the World Sportscar Championship between 1955 and 1973. The oldest surviving sports car racing event is the 24 Hours of Le Mans , begun in 1923. It is run by the Automobile Club of the West (ACO). Team Ferrari won the race in 2023. With auto construction and racing dominated by France, the French automobile club ACF staged a number of major international races, usually from or to Paris, connecting with another major city, in France or elsewhere in Europe. Aspendale Racecourse , in Australia,
25440-470: Was the rollback of those same reflationary policies that led to the interruption of a recession beginning in late 1937. One contributing policy that reversed reflation was the Banking Act of 1935 , which effectively raised reserve requirements, causing a monetary contraction that helped to thwart the recovery. GDP returned to its upward trend in 1938. A revisionist view among some economists holds that
25600-523: Was the world's first purpose-built motor racing circuit , opening in January 1906. The pear-shaped track was close to a mile in length, with slightly banked curves and a gravel surface of crushed cement. Brooklands , in Surrey, England, was the first purpose-built 'banked' motor racing venue, opening in June 1907. It featured a 4.43 km (2.75 mi) concrete track with high-speed banked corners. One of
#120879