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Formula One, also known as Formula 1 or F1 and referred to officially as the FIA Formula One World Championship, is the highest class of single seater auto racing sanctioned by the Fédération Internationale de l'Automobile . The "formula" designation in the name refers to a set of rules with which all participants' cars must comply. The F1 season consists of a series of races, known as Grands Prix , held on purpose-built circuits and public roads. The results of each race are combined to determine two annual World Championships, one for the drivers and one for the constructors. The racing drivers, constructor teams, track officials, organizers, and circuits are required to be holders of valid Super Licences, the highest class of racing licence issued by the FIA.