Ferrari S.p.A. is based in Maranello, Italy. It was founded by Enzo Ferrari in 1929 as Scuderia Ferrari. The company sponsored drivers and manufactured race cars before moving into production of street-legal vehicles in 1947 as Ferrari S.p.A.. Throughout its history, the company has been noted for its continued participation in racing, especially in Formula One, where it has enjoyed great success. It is currently owned by Fiat S.p.A.