The Formula Car Challenge was started in 2005 to allow for a high level of competition in a quality environment without "pro racing budgets."

Formula Mazda cars are built to spec entirely by Moses Smith Racing except for the motor provided by Daryl Drummond Enterprises.

Power is provided by a sealed 1.3 litres (79 cu in) Mazda 13B rotary engine producing 180 horsepower (130 kW) connected to a five-speed racing transmission.

[1] The FormulaSPEED car is built on a chassis manufactured by Fast Forward Racing Components and constructed out of 4130 Chrome Moly Alloy steel tubing.

Power is transmitted to the wheels through a Hewland FTR six-speed sequential transaxle, and tires are Goodyear Formula Eagle G19 with 13" diameter.