The Spanish Formula Three Championship was formed during Spain's recent growth period in motor racing that began with the Euro Open Movistar by Nissan, which eventually became the World Series by Renault. The new championship replaced the previously existing Super Formula Toyota. The European F3 Open Championship has become successful by actively taking measures to control budget requirements. This provides a more achievable option for drivers who lack the major sponsorship portfolio that is required by leading Euroseries teams. The championship was renamed to Euroformula Open Championship for 2014, after the FIA restricted the use of the Formula Three name to championships that do not follow the current engine regulations.
Like British Formula Three, the series incorporates a second championship class for chassis specifications from the previous generation. The Copa was created in 2005, and provides an opportunity for drivers without competitive budgets. The name is derived from the chassis specification that all Copa entrants must use: the Dallara F308.
The Euroformula Open Championship has used chassis from Italian constructor Dallara. During the first seasons, the Dallara F300 was used. The Dallara F305 debuted in 2005, the Dallara F308 in 2008, and the Dallara F312 in 2012. The secondary class was dropped during the 2014 season due to lack of entries. The current chassis is the Dallara 324, which debuted in Super Formula Lights in 2024, and has been chosen for Euroformula Open for the 2025 season. Originally, the European F3 Open Championship had a single engine supplier. From 2010 to 2018, the series used Toyota's F3 engine upgraded by the Spanish tuner Piedrafita Sport. In 2019, the series also allowed Mercedes-Benz and Volkswagen engines, and the Toyota engines were dropped after the first round of the season.
The exclusive use of the Toyota engine prompted Toyota to offer a Formula One test to each year's champion. The first driver to benefit from this was 2004 champion Borja García, who later graduated to GP2.
Between 2001 and 2005, the Spanish F3 Championship had seven rounds, each with two races. In every season from its inception until 2007, the championship made a regular visit to Estoril in Portugal. The 2006 season, which was expanded to eight rounds, included the championship's first visit to Magny-Cours in France. Since 2008, many circuits from further afield have been added to the schedule including visits to Magny Cours, Donington Park and Brands Hatch with major European motorsport venues including Spa, Monza, Silverstone and Hungaroring hosting rounds of the 2014 season.
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