The GP2 Series, GP2 for short, is a form of open wheel motor racing introduced in 2005 following the discontinuation of the long-term Formula One feeder series, Formula 3000. The format was conceived by Bernie Ecclestone and Flavio Briatore, while Ecclestone also has the rights to the name GP1. In 2010 the GP3 Series class was launched, as a feeder class for the GP2 series.

Designed to make racing affordable for the teams and to make it the perfect training ground for life in Formula One, GP2 has made it mandatory for all of the teams to use the same chassis, engine and tyre supplier so that true driver ability is reflected. All but three races have taken place as support races at Formula One race weekends to boost the series' profile, to give drivers experience on the Grand Prix environment, and to take advantage of the infrastructure (marshalls, medical facilities etc.) in place for a Formula One event. GP2 visited the Bahrain International Circuit in 2005 and 2007; all other races were held in European circuits.

GP2 Series cars
The GP2 Series car is used by all of the teams, and features a Dallara chassis powered by a V8 Renault engine and Pirelli tyres.

Chassis
The 2009 specification GP2 Car has been designed by Dallara Automobili. The 2006 GP2 car featured a biplane rear wing, with the triplane rear wing used in previous seasons only to be used at the Monaco race. The front upper and lower wishbones have been reinforced, as have the front and rear suspension uprights.

Engine
The 4 litre Renault V8 engine features internal, cartographic and software upgrades designed to improve performance and fuel consumption. The engine produces about 580 hp (432.5 kW). GP2 Series engines are rev-limited to 10,000 rpm. The valve train is a dual overhead camshaft configuration with four valves per cylinder. The crankshaft is made of alloy steel, with five main bearing caps. The pistons are forged aluminum alloy, while the connecting rods are machined alloy steel. The electronic engine management system is supplied by Magneti Marelli, firing a CDI ignition system. The engine lubrication is a Elf Aquitaine dry sump type, cooled by a single water pump.

Gearbox
    The 2009 gearbox has been manufactured by GearTek and features an 8-position barrel with ratchet body and software upgrades as well as a new transverse shafts fixing system designed to facilitate improved gear selection.

Tyres
Similar to the 2011 change for Formula 1, Pirelli is now the sole tyre supplier for the series. The GP2 series runs the same compounds as F1.

Other parts
Brembo is supplying monobloc brake calipers and disc bells, which are exclusive to GP2.
The car also features internal cooling upgrades, a new water radiator, radiator duct, oil/water heat exchanger, modified oil degazer, new oil and water pipes and new heat exchanger fixing brackets.

Performance
According to research and pre-season stability tests, the 2005 model can go 0 to 200 km/h (124 mph) in 6.7 seconds. The car has a top speed of 320 km/h (198 mph) meaning that it is the fastest single seater racing car bar Formula One and Indy cars. The cars are predicted to be reliable and should run within ten seconds per lap of the typical Formula One car.

Race weekend
On Friday, drivers have a 30-minute free practice session and a 30-minute qualifying session. The qualifying session decides the grid order for Saturday's race which has a length of 180 kilometres.
During Saturday's race, each driver has to make a pit stop in which at least two tyres have to be changed.
On Sunday there is a sprint race of 120 kilometres. The grid is decided by the Saturday result with top 8 being reversed, so the driver who finished 8th on Saturday will start from pole position and the winner will start from 8th place.

Point system
2005–2011

Pole for Saturday races: 2 points

Point system for race 1
 1st       2nd       3rd       4th       5th       6th       7th       8th
10     8     6     5     4     3     2     1
Point system for race 2
 1st       2nd       3rd       4th       5th       6th
6     5     4     3     2     1

Fastest lap: 1 point in each race. Driver recording fastest lap has to drive 90% of race laps. The driver must now also start the race from his allocated grid position and as of 2008 must finish in the top ten of the race to be eligible for the fastest lap point. With this points system, the most number of points anyone can score in one round is 20 by claiming pole position, winning both races with the fastest lap in each race. This feat has only been achieved twice in GP2 Racing's short history. By Brazilian Nelson Piquet, Jr. in the 9th round of the 2006 season in Hungary and by German Nico Hülkenberg in the 5th round of the 2009 season in Germany.

2012 onwards
From the 2012 season the GP2 series will change its scoring system. Feature races will be run to the same scoring system as is used in Formula One:
Point system for race 1
 1st       2nd       3rd       4th       5th       6th       7th       8th       9th       10th
25     18     15     12     10     8     6     4     2     1

The top eight finishers in a sprint race will receive points thus:
Point system for race 2
 1st       2nd       3rd       4th       5th       6th       7th       8th
15     12     10     8     6     4     2     1

Pole position for the feature race will now be worth 4 points, and 2 points will be given for the fastest lap in each race. Therefore, the maximum number of points a driver can score at any round will be 48.

(Source: wikipedia)