(CNN) -- In the glitz and glamor world of Formula One, image is everything. The leading teams such as Ferrari and McLaren have built formidable reputations off the back of on-track excellence. Another constructor with a similarly lofty reputation is Lotus, a team which has origins dating back to a car made by Briton Colin Chapman which first raced in 1948. Lotus went on to win six drivers' championships and seven constructors' titles before withdrawing from the elite division of motorsport in 1994 after entering administration. The opportunity to reintroduce such an historic name into F1 was one not be missed for a businessman looking to put a car on the track.
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Two Formula One teams have fought over the Lotus name in recent years
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Lotus won seven constructors' titles and six drivers' crowns before withdrawing in 1994
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Malaysian Tony Fernandes reintroduced the Lotus name with 'Team Lotus' in 2010
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Renault have been rebranded as Lotus for 2012, while Team Lotus are now Caterham
Understandably, @placeholder, now Lotus, are delighted to have acquired their illustrious name.