Formula SAE (Society of Automotive Engineers) is a series of competitions where universities compete to design and manufacture the best-performing racecars. 

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     "The concept behind Formula SAE is that a        fictional manufacturing company has contracted a design team to develop a small Formula-style race car. The prototype race car is to be evaluated for its potential as a production item. Each student team designs, builds and tests a prototype based on a series of rules whose purpose is both to ensure onsite event operations and promote clever problem solving."  - SAE International