The Ferrari 500 was a Formula 2 car designed by Aurelio Lampredi. For 1952, the FIA announced that Formula 1 would be run to Formula 2 specification after the withdrawal of Alfa Romeo from the sport. The Fédération Internationale de lAutomobile, commonly referred to as the FIA, is a non-profit association established in 1904 to represent the interest of motoring organisations and motor car users. ... Formula One, abbreviated to F1 and also known as Grand Prix racing, is the highest class of single-seat open-wheel auto racing. ... While Formula One has generally been regarded as the pinnacle of open-wheeled auto racing, the high performance nature of the cars and the expense involved in the series has always meant that there has needed to be a path to reach this peak. ... Alfa Romeo is an Italian automobile manufacturing company, founded as Darracq Italiana by Cavaliere Ugo Stella, an aristocrat from Milan in partnership with the French automobile firm of Alexandre Darracq. ...

Ferrari were the only team to have a car specifically designed for the new formula. The car was powered by an in line four cylinder engine which was mounted behind the front axle, improving weight distribution.

Alberto Ascari used the car to win his first world championship, winning all but one race with the simple 500. The race he missed was due to the fact he was driving the 4.5 litre Ferrari at the Indianapolis 500, but all was not lost as Ferrari won the race he was absent from as well. The following season, Ascari won his second world championship, and Ferrari won all but the final race, which was won by Juan Manuel Fangio, back in racing after an accident whch had damaged his neck. Alberto Ascari (July 13, 1918 – May 26, 1955) was one of Formula Ones first stars and the first great Ferrari driver. ... Indianapolis 500, 1994 An Indianapolis 500 racecar depicted on the Indiana state quarter The Indianapolis 500-Mile Race, often shortened to Indianapolis 500 or Indy 500, is an American automobile race, held annually over the Memorial Day weekend at the Indianapolis Motor Speedway in Speedway, Indiana. ... Juan Manuel Fangio (June 24, 1911 - July 17, 1995) was a legendary Argentinian race car driver, considered to be the greatest racing driver in Formula One History (if not all time), winning the world championship no less than five times for Alfa Romeo, Ferrari, Mercedes Benz and Maserati. ...

Ascari won 9 straight races in 500, a record which still stands today. The 500 won all but one race it was entered at, making it the most statistically successful car in Formula 1 history.