Formula Acceleration 1 Formula Acceleration 1 Formula Acceleration 1 (FA1) was a single make, open wheel auto racing series. It was unusual in its field in that competitors solely represented their nation as opposed to themselves or a team, the usual format in most formula racing series. FA1 was created in 2014 as the signature category in the Acceleration 2014 series of motorsport festivals. Rather than developing their own car, the series reduced costs substantially by using the Lola B05/52 which was used in the early years of the A1 Grand Prix series. They also continued to use the same 3.4 litre V8
American open-wheel car racing and drivers, sponsors, and manufacturers, and after a series of major financial setbacks, CART filed for bankruptcy in 2003. The assets were purchased by 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 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 and CCWS lacked the resources to mount the 2008 season. During this time, the IRL was now operating under the moniker IndyCar Series, and