In Europe and Asia, open wheeled racing is commonly referred to as "Formula", with appropriate hierarchical suffixes. In North America, the "Formula" terminology is not followed (with the exception of F1).

The sport is usually arranged to follow an "international" format (such as F1), a "regional" format (such as the Formula 3 Euro Series), or a "domestic", or county-specific format (such as the German Formula 3 championship, or the British Formula Ford).