1991 World Sportscar Championship
The 1991 FIA Sportscar World Championship season was the 39th season of FIA World Sportscar Championship motor racing. It featured the 1991 FIA Sportscar World Championship, contested over an eight race series from 14 April to 28 October 28, 1991; the series was open to Group C Sportscars, with Category 1 cars complying with new 1991 Group C rules and Category 2 cars running under the pre 1991 regulations. Teo Fabi won the Drivers Silk Cut Jaguar won the Teams title. Points were awarded in the order of 20-15-12-10-8-6-4-3-2-1 to the top 10 finishers in each race, with some exceptions: Drivers had to complete 30% of the race distance and only drive one car in order to score points Teams were only given points for their highest finishing car. Points were still awarded to their drivers however. Neither driver nor team scored points. Category 1 and Category 2 cars did not contest their own individual championships and thus were scored together. Note 1 - Derek Warwick co-drove the winning car at Silverstone but was not eligible for points.
2 - Bertrand Gachot co-drove the winning car at Le Mans but was not eligible for points due to insufficient distance. 3 - Michael Ferte co-drove the second placed car at Le Mans but was not eligible for points due to insufficient distance. 4 - John Winter co-drove the third placed car at Mexico City but was not eligible for points due to insufficient distance. 5 - The sixth paced Toyota at Autopolis was not eligible for points so positions 7 to 11 were moved up one place for scoring purposes. Note 1 - Jaguar's Cosworth HB engines were re-badged to "Jaguar". 2 - The sixth paced Toyota at Autopolis was not eligible for points so positions 7 to 11 were moved up one place for scoring purposes. 1991 Sportscar World Championship race results
A transmission is a machine in a power transmission system, which provides controlled application of the power. The term transmission refers to the gearbox that uses gears and gear trains to provide speed and torque conversions from a rotating power source to another device. In British English, the term transmission refers to the whole drivetrain, including clutch, prop shaft and final drive shafts. In American English, the term refers more to the gearbox alone, detailed usage differs; the most common use is in motor vehicles, where the transmission adapts the output of the internal combustion engine to the drive wheels. Such engines need to operate at a high rotational speed, inappropriate for starting and slower travel; the transmission reduces the higher engine speed to the slower wheel speed, increasing torque in the process. Transmissions are used on pedal bicycles, fixed machines, where different rotational speeds and torques are adapted. A transmission has multiple gear ratios with the ability to switch between them as speed varies.
This switching may be done automatically. Directional control may be provided. Single-ratio transmissions exist, which change the speed and torque of motor output. In motor vehicles, the transmission is connected to the engine crankshaft via a flywheel or clutch or fluid coupling because internal combustion engines cannot run below a particular speed; the output of the transmission is transmitted via the driveshaft to one or more differentials, which drives the wheels. While a differential may provide gear reduction, its primary purpose is to permit the wheels at either end of an axle to rotate at different speeds as it changes the direction of rotation. Conventional gear/belt transmissions are not the only mechanism for speed/torque adaptation. Alternative mechanisms include power transformation. Hybrid configurations exist. Automatic transmissions use a valve body to shift gears using fluid pressures in response to speed and throttle input. Early transmissions included the right-angle drives and other gearing in windmills, horse-powered devices, steam engines, in support of pumping and hoisting.
Most modern gearboxes are used to increase torque while reducing the speed of a prime mover output shaft. This means that the output shaft of a gearbox rotates at a slower rate than the input shaft, this reduction in speed produces a mechanical advantage, increasing torque. A gearbox can be set up to do the opposite and provide an increase in shaft speed with a reduction of torque; some of the simplest gearboxes change the physical rotational direction of power transmission. Many typical automobile transmissions include the ability to select one of several gear ratios. In this case, most of the gear ratios are used to slow down the output speed of the engine and increase torque. However, the highest gears may be "overdrive" types. Gearboxes have found use in a wide variety of different—often stationary—applications, such as wind turbines. Transmissions are used in agricultural, construction and automotive equipment. In addition to ordinary transmission equipped with gears, such equipment makes extensive use of the hydrostatic drive and electrical adjustable-speed drives.
The simplest transmissions called gearboxes to reflect their simplicity, provide gear reduction, sometimes in conjunction with a right-angle change in direction of the shaft. These are used on PTO-powered agricultural equipment, since the axial PTO shaft is at odds with the usual need for the driven shaft, either vertical, or horizontally extending from one side of the implement to another. More complex equipment, such as silage choppers and snowblowers, have drives with outputs in more than one direction; the gearbox in a wind turbine converts the slow, high-torque rotation of the turbine into much faster rotation of the electrical generator. These are more complicated than the PTO gearboxes in farm equipment, they weigh several tons and contain three stages to achieve an overall gear ratio from 40:1 to over 100:1, depending on the size of the turbine. The first stage of the gearbox is a planetary gear, for compactness, to distribute the enormous torque of the turbine over more teeth of the low-speed shaft.
Durability of these gearboxes has been a serious problem for a long time. Regardless of where they are used, these simple transmissions all share an important feature: the gear ratio cannot be changed during use, it is fixed at the time. For transmission types that overcome this issue, see Continuously variable transmission known as CVT. Many applications require the availability of multiple gear ratios; this is to ease the starting and stopping of a mechanical system, though another important need is that of maintaining good fuel efficiency. The need for a transmission in an automobile is a consequence of the characteristics of the internal combustion engine. Eng
Group C was a category of motorsport, introduced by the FIA in 1982 for sports car racing, along with Group A for touring cars and Group B for GTs. It was designed to replace both Group Group 6 Two Seater Racing Cars. Group C was used in the FIA's World Endurance Championship, World Sports-Prototype Championship, World Sportscar Championship and in the European Endurance Championship, it was used for other sports car racing series around the globe. The final year for the class came in 1993. Broadly similar rules were used in the North American IMSA Grand Touring Prototype series; the roots of the Group C category lie in both FIA Group 6 and in the GTP category introduced by the ACO at Le Mans in the mid-1970s. GTP was a class for roofed prototypes with certain dimensional restrictions, but instead of the more usual limits on engine capacity, it placed limits on fuel consumption; the FIA applied the same concept in its Group C rules. It limited cars to a maximum fuel capacity of 100 litres. With competitors restricted to five refueling stops within a 1000 kilometer distance, the cars were allowed 600 litres per 1000 kilometers.
The FIA hoped this would prevent manufacturers from concentrating on engine development. Engines had to be from a recognized manufacturer which had cars homologated in the FIA's Group A Touring Car or Group B GT Car categories. While the consumption requirement meant that cars needed to conserve fuel early in the race, manufacturer support for the new regulations grew with each make adding to the diversity of the series. With the new rules, it was theoretically possible for large aspirated engines to compete with small forced induction engines. In addition, all races were to be contested over at least 1000 km — lasting more than six hours — so it was possible to emphasize the "endurance" aspect of the competition as well. Ford and Porsche were the first constructors to join the series; the traditional turbocharged boxer engine in the 956 was tested in the 1981 version of the Group 6 936. Several other makes joined the series, including Lancia, Mercedes, Toyota and Aston Martin. Many of these took part in the IMSA championship, as its GTP class had similar regulations.
With costs increasing, the FIA introduced a new Group C Junior class for 1983. This was intended for privateer teams and small manufacturers and it limited cars to a minimum weight of 700 kg and a maximum fuel capacity of 55 liters. With competitors limited to five refueling stops within a 1000 kilometer distance, the cars were allowed 330 liters per 1000 kilometers; as in Group C, engines had to be from a recognized manufacturer which had cars homologated in Group A or Group B. Although it was expected that C Junior cars would use two-litre aspirated engines, in practice most cars used either the 3.5l BMW M1 engine or the new 3.3l Cosworth DFL, like in the main class, a variety of solutions was employed by each individual manufacturer. Alba with a small, lightweight turbo, Tiga and Ecurie Ecosse with Austin-Rover and Cosworth-powered cars were among the most competitive in this class; the low cost of these cars led to the notion of their use in national championships, such as the short-lived British BRDC C2 Championship.
Group C Junior was formally renamed Group C2 for 1984. By 1989, the Group C series popularity was nearly as great as Formula One; when C1 cars were found to be breaking over the 400 kilometres per hour mark at Le Mans' Mulsanne Straight — the WM-Peugeot recorded the highest 407 km/h during qualifying for the 1988 event — the FIA revolutionized the class by attempting to turn it into a formula series to replace the C2 category. The new formula restricted the performance of cars built to the original rules and benefited teams using F1-sourced 3.5 L engines — these latter teams being the large manufacturers alone, as the new formula cars were more expensive than the C1 cars. What followed was the quick downfall of Group C, as the new engines were unaffordable for privateer teams like Spice and ADA. A lack of entries meant. However, the ACO still allowed the Group C cars to compete at 24 Hours of Le Mans; the race still witnessed protests against the new state of affairs, as spectators placed cloth banners in fences expressing their feelings.
The 1994 24 Hours of Le Mans was the last one. A new category formed by race organizers saw modified Group C cars without roofs. In fact, a former C1 car disguised as a road-legal GT car, entered in the GT1 category, the Dauer 962 Le Mans, won the race after transmission problems by a leading Toyota 94C-V; the 962 was subsequently banned. Many of the modified open top Group C cars continued to compete until they wrecked, broke, or reti
Formula One is the highest class of single-seater auto racing sanctioned by the Fédération Internationale de l'Automobile and owned by the Formula One Group. The FIA Formula One World Championship has been one of the premier forms of racing around the world since its inaugural season in 1950; the word "formula" in the name refers to the set of rules to which all participants' cars must conform. A Formula One season consists of a series of races, known as Grands Prix, which take place worldwide on purpose-built circuits and on public roads; the results of each race are evaluated using a points system to determine two annual World Championships: one for drivers, the other for constructors. Drivers must hold valid Super Licences, the highest class of racing licence issued by the FIA; the races must run on tracks graded "1", the highest grade-rating issued by the FIA. Most events occur in rural locations on purpose-built tracks, but several events take place on city streets. Formula One cars are the fastest regulated road-course racing cars in the world, owing to high cornering speeds achieved through the generation of large amounts of aerodynamic downforce.
The cars underwent major changes in 2017, allowing wider front and rear wings, wider tyres, resulting in cornering forces closing in on 6.5g and top speeds of up to 375 km/h. As of 2019 the hybrid engines are limited in performance to a maximum of 15,000 rpm and the cars are dependent on electronics—although traction control and other driving aids have been banned since 2008—and on aerodynamics and tyres. While Europe is the sport's traditional base, the championship operates globally, with 11 of the 21 races in the 2018 season taking place outside Europe. With the annual cost of running a mid-tier team—designing and maintaining cars, transport—being US$120 million, Formula One has a significant economic and job-creation effect, its financial and political battles are reported, its high profile and popularity have created a major merchandising environment, which has resulted in large investments from sponsors and budgets. On 8 September 2016 Bloomberg reported that Liberty Media had agreed to buy Delta Topco, the company that controls Formula One, from private-equity firm CVC Capital Partners for $4.4 billion in cash and convertible debt.
On 23 January 2017 Liberty Media confirmed the completion of the acquisition for $8 billion. The Formula One series originated with the European Grand Prix Motor Racing of the 1930s; the formula is a set of rules. Formula One was a new formula agreed upon after World War II during 1946, with the first non-championship races being held that year. A number of Grand Prix racing organisations had laid out rules for a world championship before the war, but due to the suspension of racing during the conflict, the World Drivers' Championship was not formalised until 1947; the first world championship race was held at Silverstone, United Kingdom in 1950. A championship for constructors followed in 1958. National championships existed in the UK in the 1960s and 1970s. Non-championship Formula One events were held for many years, but due to the increasing cost of competition, the last of these occurred in 1983. On 26 November 2017, Formula One unveiled its new logo, following the 2017 season finale in Abu Dhabi during the Abu Dhabi Grand Prix at Yas Marina Circuit.
The new logo replaced F1's iconic'flying one', the sport's trademark since 1993. After a hiatus in European motor racing brought about by the outbreak of World War II in 1939, the first World Championship for Drivers was won by Italian Giuseppe Farina in his Alfa Romeo in 1950, narrowly defeating his Argentine teammate Juan Manuel Fangio. However, Fangio won the title in 1951, 1954, 1955, 1956, 1957, his streak interrupted by two-time champion Alberto Ascari of Ferrari. Although the UK's Stirling Moss was able to compete he was never able to win the world championship, is now considered to be the greatest driver never to have won the title. Fangio, however, is remembered for dominating Formula One's first decade and has long been considered the "Grand Master" of Formula One; this period featured teams managed by road car manufacturers Alfa Romeo, Mercedes-Benz, Maserati. The first seasons were run using pre-war cars like Alfa's 158, they were front-engined, with narrow tyres and 1.5-litre supercharged or 4.5-litre aspirated engines.
The 1952 and 1953 World Championships were run to Formula Two regulations, for smaller, less powerful cars, due to concerns over the paucity of Formula One cars available. When a new Formula One, for engines limited to 2.5 litres, was reinstated to the world championship for 1954, Mercedes-Benz introduced the advanced W196, which featured innovations such as desmodromic valves and fuel injection as well as enclosed streamlined bodywork. Mercedes drivers won the championship for two years, before the team withdrew from all motorsport in the wake of the 1955 Le Mans disaster. An era of British dominance was ushered in by Mike Hawthorn and Vanwall's championship wins in 1958, although Stirling Moss had been at the forefront of the sport without securing the world title. Between Hawthorn, Jim Clark, Jackie Stewart, John Surtees and Graham Hill, British drivers won nine Drivers' Championships and British teams won fourteen Constructors' Championsh
Sports car racing
Sports car racing is a form of motorsport road racing which utilizes sports cars that have two seats and enclosed wheels. They may be related to road-going models. A type of hybrid between the purism of open-wheelers and the familiarity of touring car racing, this style is associated with the annual Le Mans 24 Hours endurance race. First run in 1923, Le Mans is one of the oldest motor races still in existence. Other classic but now defunct sports car races include the Italian classics, the Targa Florio and Mille Miglia, the Mexican Carrera Panamericana. Most top class sports car races emphasize endurance and strategy, over pure speed. Longer races involve complex pit strategy and regular driver changes; as a result, sports car racing is seen more as a team endeavor than an individual sport, with team managers such as John Wyer, Tom Walkinshaw, driver-turned-constructor Henri Pescarolo, Peter Sauber and Reinhold Joest becoming as famous as some of their drivers. The prestige of storied marques such as Porsche, Corvette, Jaguar, Aston Martin, Maserati, Alfa Romeo, Mercedes-Benz, BMW is built in part upon success in sports car racing and the World Sportscar Championship.
These makers' top road cars have been similar both in engineering and styling to those raced. This close association with the'exotic' nature of the cars serves as a useful distinction between sports car racing and touring cars; the 12 Hours of Sebring, 24 Hours of Daytona, 24 Hours of Le Mans were once considered the trifecta of sports car racing. Driver Ken Miles would have been the only to win all three in the same year but for an error in the Ford GT40's team orders at Le Mans in 1966 that cost him the win in spite of finishing first. According to historian Richard Hough, "It is impossible to distinguish between the designers of sports cars and Grand Prix machines during the pre-1914 period; the late Georges Faroux always contended that sports-car racing was not born until the first 24 Hours of Le Mans race in 1923, while as a joint-creator of that race he may have been prejudiced in his opinion, it is true that sports-car racing as it was known after 1919 did not exist before the First World War."
In the 1920s, the cars used in endurance racing and Grand Prix were still identical, with fenders and two seats, to carry a mechanic if necessary or permitted. Cars such as the Bugatti Type 35 were equally at home in Grands Prix and endurance events, but specialisation started to differentiate the sports-racer from the Grand Prix car; the legendary Alfa Romeo Tipo A Monoposto started the evolution of the true single-seater in the early 1930s. During the 1930s, French constructors, unable to keep up with the progress of the Mercedes-Benz and Auto-Union cars in GP racing, withdrew into domestic competition with large-capacity sports cars – marques such as Delahaye and the Bugattis were locally prominent. Through the 1920s and 1930s the roadgoing sports/GT car started to emerge as distinct from fast tourers and sports cars, whether descended from roadgoing vehicles or developed from pure-bred racing cars came to dominate races such as Le Mans and the Mille Miglia. In open-road endurance races across Europe such as the Mille Miglia, Tour de France and Targa Florio, which were run on dusty roads, the need for fenders and a mechanic or navigator was still there.
As Italian cars and races defined the genre, the category came to be known as Gran Turismo, as long distances had to be travelled, rather than running around on short circuits only. Reliability and some basic comfort were necessary. After the Second World War, sports car racing emerged as a distinct form of racing with its own classic races, from 1953, its own FIA sanctioned World Sportscar Championship. In the 1950s, sports car racing was regarded as as important as Grand Prix competition, with major marques like Ferrari, Maserati and Aston Martin investing much effort in their works programmes and supplying cars to customers. Top Grand Prix drivers competed in sports car racing. After major accidents at the 1955 24 Hours of Le Mans and the 1957 Mille Miglia the power of sports cars was curbed with a 3-litre engine capacity limit applied to them in the World Championship from 1958. From 1962 sports cars temporarily took a back seat to GT cars with the FIA replacing the World Championship for Sports Cars with the International Championship for GT Manufacturers.
In national rather than international racing, sports car competition in the 1950s and early 1960s tended to reflect what was locally popular, with the cars that were successful locally influencing each nation's approach to competing on the international stage. In the US, imported Italian and British cars battled local hybrids, with very distinct East and West Coast scenes; the US scene tended to featu
Auto racing is a motorsport involving the racing of automobiles for competition. Auto racing has existed since the invention of the automobile. Races of various sorts were organised, with the first recorded as early as 1867. Many of the earliest events were reliability trials, aimed at proving these new machines were a practical mode of transport, but soon became an important way for competing makers to demonstrate their machines. By the 1930s, specialist racing cars had developed. There are now each with different rules and regulations; the first prearranged match race of two self-powered road vehicles over a prescribed route occurred at 4:30 A. M. on August 30, 1867, between Ashton-under-Lyne and Old Trafford, a distance of eight miles. It was won by the carriage of Isaac Watt Boulton. Internal combustion auto racing events began soon after the construction of the first successful gasoline-fueled automobiles; the first organized contest was on April 28, 1887, by the chief editor of Paris publication Le Vélocipède, Monsieur Fossier.
It ran 2 kilometres from Neuilly Bridge to the Bois de Boulogne. On July 22, 1894, the Parisian magazine Le Petit Journal organized what is considered to be the world's first motoring competition, from Paris to Rouen. One hundred and two competitors paid a 10-franc entrance fee; the first American automobile race is held to be the Thanksgiving Day Chicago Times-Herald race of November 28, 1895. Press coverage of the event first aroused significant American interest in the automobile. With auto construction and racing dominated by France, the French automobile club ACF staged a number of major international races from or to Paris, connecting with another major city, in France or elsewhere in Europe. Brooklands, in Surrey, was the first purpose-built motor racing venue, opening in June 1907, it featured a 4.43 km concrete track with high-speed banked corners. One of the oldest existing purpose-built automobile racing circuits in the United States, still in use, is the 2.5-mile-long Indianapolis Motor Speedway in Speedway, Indiana.
It is the largest capacity sports venue of any variety worldwide, with a top capacity of some 257,000+ seated spectators. NASCAR was founded by Bill France, Sr. on February 21, 1948, with the help of several other drivers of the time. The first NASCAR "Strictly Stock" race was held on June 19, 1949, at Daytona Beach, Florida. From 1962, sports cars temporarily took a back seat to GT cars, with the FIA replacing the World Championship for Sports Cars with the International Championship for GT Manufacturers. From 1972 through 2003, NASCAR's premier series was called the Winston Cup Series, sponsored by R. J. Reynolds Tobacco Company cigarette brand Winston; the changes that resulted from RJR's involvement, as well as the reduction of the schedule from 48 to 31 races a year, established 1972 as the beginning of NASCAR's "modern era". The IMSA GT Series evolved into the American Le Mans Series, which ran its first season in 1999; the European races became the related Le Mans Series, both of which mix prototypes and GTs.
Turismo Carretera is a popular touring car racing series in Argentina, the oldest car racing series still active in the world. The first TC competition took place in 1937 with 12 races, each in a different province. Future Formula One star Juan Manuel Fangio won the 1940 and 1941 editions of the TC, it was during this time that the series' Chevrolet-Ford rivalry began, with Ford acquiring most of its historical victories. The two most popular varieties of open wheel road racing are the IndyCar Series. Formula One is a European-based series that runs only street race tracks; these cars are based around technology and their aerodynamics. With the highest speed record set in 2005 by Juan Pablo Montoya hitting 373 kph; some of the most prominent races are the Monaco Grand Prix, the Italian Grand Prix, the British Grand Prix. The season ends with the crowning of the World Championship for constructors. In single-seater, the wheels are not covered, the cars have aerofoil wings front and rear to produce downforce and enhance adhesion to the track.
In Europe and Asia, open-wheeled racing is referred to as'Formula', with appropriate hierarchical suffixes. In North America, the'Formula' terminology is not followed; the sport is arranged to follow an international format, a regional format, and/or a domestic, or country-specific, format. In the United States, the most popular series is the National Championship, more known as the IndyCar Series and known as CART; the cars have traditionally been similar though less technologically sophisticated than F1 cars, with more restrictions on technology aimed at controlling costs. While these cars are not as technologically advanced, they are faster because they compete on oval race tracks, being able to average a lap at 388 kph; the series' biggest race is the Indianapolis 500, referred to as "The Greatest Spectacle in Racing" due to being the longest continuously run race and having the largest crowd for a single-day sporting event. The other major international single-seater racing series is Formula 2.
Regional series include Formula Nippon and Formula V6 Asia, Formula Renault 3.5, Formula Three, For
Ferrari is an Italian luxury sports car manufacturer based in Maranello. Founded by Enzo Ferrari in 1939 out of Alfa Romeo's race division as Auto Avio Costruzioni, the company built its first car in 1940. However, the company's inception as an auto manufacturer is recognized in 1947, when the first Ferrari-badged car was completed. In 2014, Ferrari was rated the world's most powerful brand by Brand Finance. In June 2018, the 1964 250 GTO became the most expensive car in history, setting an all-time record selling price of $70 million. Fiat S.p. A. acquired 50% of Ferrari in 1969 and expanded its stake to 90% in 1988. In October 2014 Fiat Chrysler Automobiles N. V. announced its intentions to separate Ferrari S.p. A. from FCA. The separation began in October 2015 with a restructuring that established Ferrari N. V. as the new holding company of the Ferrari group and the subsequent sale by FCA of 10% of the shares in an IPO and concurrent listing of common shares on the New York Stock Exchange. Through the remaining steps of the separation, FCA's interest in Ferrari's business was distributed to shareholders of FCA, with 10% continuing to be owned by Piero Ferrari.
The spin-off was completed on 3 January 2016. Throughout its history, the company has been noted for its continued participation in racing in Formula One, where it is the oldest and most successful racing team, holding the most constructors championships and having produced the highest number of drivers' championship wins. Ferrari road cars are seen as a symbol of speed and wealth. Enzo Ferrari was not interested in the idea of producing road cars when he formed Scuderia Ferrari in 1929, with headquarters in Modena. Scuderia Ferrari means "Ferrari Stable" and is used to mean "Team Ferrari." Ferrari bought and fielded Alfa Romeo racing cars for gentleman drivers, functioning as the racing division of Alfa Romeo. In 1933, Alfa Romeo withdrew its in-house racing team and Scuderia Ferrari took over as its works team: the Scuderia received Alfa's Grand Prix cars of the latest specifications and fielded many famous drivers such as Tazio Nuvolari and Achille Varzi. In 1938, Alfa Romeo brought its racing operation again in-house, forming Alfa Corse in Milan and hired Enzo Ferrari as manager of the new racing department.
In September 1939, Ferrari left Alfa Romeo under the provision he would not use the Ferrari name in association with races or racing cars for at least four years. A few days he founded Auto Avio Costruzioni, headquartered in the facilities of the old Scuderia Ferrari; the new company ostensibly produced machine tools and aircraft accessories. In 1940, Ferrari produced a race car – the Tipo 815, based on a Fiat platform, it was the first Ferrari car and debuted at the 1940 Mille Miglia, but due to World War II it saw little competition. In 1943, the Ferrari factory moved to Maranello, where it has remained since; the factory was bombed by the Allies and subsequently rebuilt including a works for road car production. The first Ferrari-badged car was the 1947 125 S, powered by a 1.5 L V12 engine. The Scuderia Ferrari name was resurrected to denote the factory racing cars and distinguish them from those fielded by customer teams. In 1960 the company was restructured as a public corporation under the name SEFAC S.p.
A.. Early in 1969, Fiat took a 50% stake in Ferrari. An immediate result was an increase in available investment funds, work started at once on a factory extension intended to transfer production from Fiat's Turin plant of the Ferrari engined Fiat Dino. New model investment further up in the Ferrari range received a boost. In 1988, Enzo Ferrari oversaw the launch of the Ferrari F40, the last new Ferrari launched before his death that year. In 1989, the company was renamed Ferrari S.p. A. From 2002 to 2004, Ferrari produced the Enzo, their fastest model at the time, introduced and named in honor of the company's founder, Enzo Ferrari, it was to be called the F60, continuing on from the F40 and F50, but Ferrari was so pleased with it, they called it the Enzo instead. It was offered to loyal and recurring customers, each of the 399 made had a price tag of $650,000 apiece. On 15 September 2012, 964 Ferrari cars attended the Ferrari Driving Days event at Silverstone Circuit and paraded round the Silverstone Circuit setting a world record.
Ferrari's former CEO and Chairman, Luca di Montezemolo, resigned from the company after 23 years, succeeded by Amedeo Felisa and on 3 May 2016 Amedeo resigned and was succeeded by Sergio Marchionne, CEO and Chairman of Fiat Chrysler Automobiles, Ferrari's parent company. In July 2018, Marchionne was replaced by board member Louis Camilleri as CEO and by John Elkann as chairman. On 29 October 2014, the FCA group, resulting from the merger between manufacturers Fiat and Chrysler, announced the split of its luxury brand, Ferrari; the aim is to turn Ferrari into an independent brand which 10% of stake will be sold in an IPO in 2015. Ferrari priced its initial public offering at $52 a share after the market close on 20 October 2015. Since the company's beginnings, Ferrari has been involved in motorsport, competing in a range of categories including Formula One and sports car racing through its Scuderia Ferrari sporting division as well as supplying cars and engines to other t