Founded by Enzo Ferrari in 1939 as Auto Avio Costruzioni, the company built its first car in 1940. However the company's inception as an auto manufacturer is usually recognized in 1947, when the first Ferrari-badged car was completed. Ferrari is the world's most powerful brand according to Brand Finance.Ferrari is the world's most powerful brand according to Brand Finance.In May 2012 the 1962 Ferrari 250 GTO became the most expensive car in history, selling in a private transaction for US$38.1 million to American communications magnate Craig McCaw.Throughout its history, the company has been noted for its continued participation in racing, especially in Formula One, where it is the most successful racing team, holding the most constructors championships and having produced the highest number of winning drivers Ferrari road cars are generally seen as a symbol of speed, luxury and wealth.In September 1939 Enzo Ferrari left Alfa Romeo under the provision that he would not use the Ferrari name in association with races or racing cars for at least four years. A few days later he founded Auto Avio Costruzioni, headquartered in the facilities of the old Scuderia Ferrari. The new company ostensibly produced machine tools and aircraft accessories. In 1940 Ferrari did in fact produce a race car – the Tipo 815, based on a Fiat platform. It was the first Ferrari car and debuted at the 1940 Mille Miglia, but due to World War II it saw little competition. In 1943 the Ferrari factory moved to Maranello, where it has remained ever since. The factory was bombed by the Allies and subsequently rebuilt including a works for road car production.