Axios Event: Formula One expands its American footprint

MIAMI – Momentum around Formula One has been building in the U.S. since Netflix's "Drive to Survive" series captivated fans with its behind-the-scenes look at the racing world. Now, the resurgence of U.S. races and the creation of the Cadillac team signal F1's growing success in America, speakers said at an Axios event.

Why it matters: F1's impact extends beyond racing – the races tend to yield an economic opportunity for host cities, and the racetrack itself often serves as an experimental site for innovations in engineering and technology.

Axios' Sara Fischer and The Race Media co-founder Darren Cox spoke with Miami Mayor Francis Suarez, former Formula One team principal Otmar Szafnauer and TWG Motorsports CEO Dan Towriss at the May 1 Axios event, which was sponsored by IBM.

Driving the news: The new Cadillac team, formed in partnership with TWG Motorsports and General Motors, will join F1 as the 11th team next year.

What they're saying: "Formula 1 is the pinnacle in motorsport," Towriss said. "It's the biggest stage for innovation in motorsport with Formula 1 being an engineering series – and the United States didn't have a team."

• A partnership with General Motors was an "incredible opportunity" to create an American team, he said.

The "Drive to Survive" effect is absolutely real, Towriss said. "It's brought a whole new generation of fans into motorsport."

• "Definitely in the countries where Netflix exists, it had a huge impact, and America is one of them," Szafnauer said.

The Miami Grand Prix has shone a cultural and economic spotlight on Miami since it first came to the city four years ago, with this one race alone expected to have an estimated $505 million economic impact.

• "We think of ecosystem building in Miami a little differently, I think, than other cities in America,," Suarez said.
• Events like Formula One give Miami an opportunity to enjoy their unique community, he added. "It's really just one of these special events throughout the year that we have in Miami. We have several, where everyone from the world congregates, and we're in year four for Formula One."

What's next: Gainbridge, another company Towriss helps lead, is investing big in women's sports to open up more opportunities for women to participate in racing and beyond, he said.

• He praised the Formula One Group for creating a female-only F1 Academy championship to attract more women into racing.
• "We love the work that the F1 Academy is doing, but it's not enough. We don't just want to see female drivers in the sport, we want executives, we want engineers, mechanics, all across the board there should be an opportunity," Towriss said.

What we're watching: Szafnauer is keen to launch a 12th F1 team.

• "I think there's room for a 12th team, and if a 12th team does happen, I want to be prepared in order to be the successful bidder for the 12th team," he added.

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In a View From the Top conversation, IBM SVP of marketing and communications Jonathan Adashek and Ferrari head of fan development Stefano Pallard explained how IBM and Ferrari collaborated in their launch of a new fan app largely driven by AI.

• On the app, fans can send messages to teams, vote in polls and see AI-generated summaries and data visualizations of races.
• "It's a new way to not just get the data … it's about getting the insights, because that data is worthless if you don't use it," Adashek said.