"F1" stands for "Formula One" and it is a type of auto racing.
http://edition.cnn.com/2014/02/21/sport/sochi-formula-one-winter-olympics-ecclestone-tilke-f1/index.html?hpt=isp_t2
This blog is mainly to explain a different English language expression every day. Sometimes I post other stuff. I also have a YouTube channel which is mostly about computer software: https://www.youtube.com/englishspacedog