The World Rally Championship (abbreviated as WRC) is an international rallying series owned and governed by the FIA. Inaugurated in 1973 it is the second oldest of the FIA's world championships after Formula One. Each season lasts one calendar year and separate championship titles are awarded to drivers co-drivers and manufacturers. There are also two support championships WRC2 and WRC3 which are contested on the same events and stages as the WRC but with progressively lower maximum performance and running costs of the cars permitted. Junior WRC is also contested on five events of the World Rally Championship calendar.