There are racing events held by Formula One.
Formula One . The F1 season consists of a series of races , known as Grands Prix ( from French , meaning grand prizes ) , held worldwide on purpose-built F1 circuits and public roads . The races are required to be held on tracks graded 1 ( formerly A ) , the highest grade a track can receive by the FIA . Most events are held in rural locations on purpose-built tracks , but there are several events in city centres throughout the world , with the Monaco Grand Prix being the most famous example . Grand Prix racing began in 1906 and became the most popular type internationally in the second half of the twentieth century .