Founded in 1990, the event was among the first motorsport meetings dedicated exclusively to historic racing machinery. Originally known as the Silverstone Classic, it celebrated its 30th anniversary in 2020 through an online format due to the COVID-19 pandemic, with in-person celebrations postponed until the 2021 event. While the festival was traditionally held in late July, the schedule shifted in 2022 to the August bank holiday weekend.
The festival established itself as a significant fixture on the historic racing calendar by utilizing the full scale of the Silverstone Circuit. To accommodate the high volume of entrants, the event operates out of two separate paddock complexes. Racing activities typically commence from the National Paddock during the morning sessions before transitioning to the International Paddock for the afternoon schedule.
The event is characterized by its focus on significant automotive and sporting milestones. In 2011, the festival achieved a Guinness World Record for the largest parade of Jaguar cars, featuring 767 vehicles to mark the 50th anniversary of the Jaguar E-Type. The 2012 edition featured a world record gathering of 60 Ferrari F40s for the model's 25th birthday, alongside celebrations for the 50th anniversaries of the MG MGB, Lotus Elan, and AC Cobra.
In 2013, the festival hosted a parade of 911 Porsche 911s to celebrate the model's 50th birthday, as well as centenary celebrations for Aston Martin and Maserati. The 2014 event saw Sir Stirling Moss lead a world record parade of 84 Grand Prix cars to commemorate the 50th Formula One Grand Prix held at Silverstone.
Recent years have continued this trend of anniversary-led programming. The 2017 event featured a record-breaking display of McLarens to mark what would have been the 80th birthday of founder Bruce McLaren. In 2019, the festival celebrated the 50th anniversary of Jackie Stewart’s first win at Silverstone in 1969, alongside the centenaries of Bentley and the 70th anniversary of Abarth. The 2022 event highlighted the 60th anniversary of the Shelby Cobra, the 50th anniversary of BMW M, and the 40th anniversary of Group C racing.
The festival's track programme is diverse, covering Grand Prix, GT, Sports, and Touring car history. Specific historical tributes often define the racing schedule, such as the 2016 "Can-Am 50 Interserie Celebration Trophy," a special double-header race marking 50 years of Can-Am racing. Other notable competitive milestones celebrated include the 40th anniversary of James Hunt’s 1976 World Championship in 2016 and the 25th anniversary of Nigel Mansell’s championship win with Williams in 2017.
The festival has grown into a significant commercial and social hub beyond the track. Since 2011, car auctions have been a staple of the event, conducted by Nick Whale’s Iconic Auctioneers (formerly Silverstone Auctions). These auctions have generated over £6m in sales in recent years.
The 2024 programme continues the tradition of 20 races drawn from various eras of motorsport. Beyond the competitive elements, the event incorporates a shopping village, interactive activities on the Village Green, and live music. Musical performers at the festival have included McFly, Rick Astley, the Sugababes, and Sister Sledge, with the 2024 lineup featuring Sophie Ellis-Bextor, Busted, and Olly Murs.
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