Ferrari S.p.A. is an Italian sports car manufacturer based in Maranello and Modena, Italy. Founded by Enzo Ferrari in 1929 as Scuderia Ferrari, the company sponsored drivers and manufactured race cars before moving into production of street legal vehicles in 1947 as Ferrari S.p.A.. Throughout its history, the company has been noted for its continued participation in racing, especially in Formula One, where it has largely enjoyed great success, especially during the 1950s, 1960s, 1970s, late 1990s, and 2000s.After years of financial struggles, Enzo Ferrari sold the company's sports car division to the Fiat group in 1969 to ensure continued financial backing. Enzo Ferrari retained control of the racing division until his death in 1988 at the age of 90. Earlier that year he had overseen the launch of the Ferrari F40; the last new Ferrari to be launched before his death.Ferrari also has an internally managed merchandising line that licenses many products bearing the Ferrari brand, including eyewear, pens, pencils, perfume, clothing, high-tech bicycles, cell phones, and even laptop computers. Financial Times named Ferrari number one on its 2007 list of the 100 Best Workplaces in Europe.