Ferrari is an Italian luxury sports car manufacturer based in Maranello, Italy. Founded by Enzo Ferrari in 1939 out of the Alfa Romeo race division as Auto Avio Costruzioni, the company built its first car in 1940. However, the company’s inception as an auto manufacturer is usually recognized as 1947, when the first Ferrari-badged car was completed.
Throughout its history, the company has been noted for its continued participation in racing, especially 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 generally seen as a symbol of speed, luxury and wealth. Ferrari cars are built at the 165,000 square-meter (16.5-hectare) Maranello factory. In 2014 Ferrari was rated the world’s most powerful brand by Brand Finance. In June 2018, the 1963 250 GTO became the most expensive car in history, setting an all-time record selling price of $70 million.