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 . While Europe is the sport 's traditional base , and hosts about half of each year 's races , the sport 's scope has expanded significantly and an increasing number of Grands Prix are held on other continents . Grand Prix racing began in 1906 and became the most popular type internationally in the second half of the twentieth century . Formula One , abbreviated to F1 , is the highest class of open-wheeled auto racing defined by the Fédération Internationale de l'Automobile ( FIA ) , motorsport 's world governing body .