The Ultimate Speed Challenge is an All American Soap Box Derby sanctioned racing format that was developed in 2004 to preserve the tradition of innovation, creativity, and craftsmanship in the design of a gravity powered racing vehicle while generating intrigue, excitement, and engaging the audience at the annual All-American Soap Box Derby competition. The goal of the event is to attract creative entries designed to reach speeds never before attainable on the historic Akron hill. The competition consists of three timed runs (one run in each lane), down Akron's hill. The car and team that achieve the fastest single run is declared the winner. The timed runs are completed during the All American Soap Box Derby race week.