One of many types of motorsport and one of the original and most popular is Formula racing. This is a type of race that is defined mainly by the class of cars. Formula series cars are unique and are very different from the cars you see driving down the streets every day; these cars have wheels outside and no bodywork on the car. Essentially these cars are skeletons.
Formula One is the most popular of the Formula series races. It is a single-seat and open wheel grand Prix race which takes place on a closed course. The FIA regulates this series, however, it is owned and operated by a private company creatively named the Formula One Group. This group determines the size, weight and other restrictions for the Formula series races and cars/ participants.
Formula E is similar to formula one, in that it involves open wheel vehicles. The main difference is that Formula E uses electric powered cars. This is evidently a newer race, coming to fruition in 2012 when electric cars began their rise. The inaugural race was held in Beijing in 2014. FIA also regulates this series and has gained a large following since its inception.
IndyCar Series; This is an American series with the Indy500 being the most well known and popular IndyCar series race. This also involves single seat and open wheeled cars and is operated on a track.
Formula racing is unique and the cars are extremely interesting looking, but also in composition. They may be small, somewhat compact and not fancy, but their engines are complex and extremely powerful. There are a handful or so of manufacturers and because of the time, effort and power required for these cars to run, race and be maintained, they are expensive to both purchase and repair.