Ferrari is an Italian automotive manufacturer in the Formula One World Championship, also involved in high-end and high-performance racing cars, supercars, and sports cars. The company was founded by Enzo Ferrari in 1939 out of Alfa Romeo's race division 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. In 2014, Ferrari was rated the world's most powerful brand by 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.