I tend to go with the detractors on this one. Auto Racing is not a purely athletic event.

Yep, it's a sport. It's international. I think they Olympics are about non-mechanical sports but they do allow bicycles (but they are human powered). Why not, F1 is international, I'm sure it would bring a lot of money into the Olympics. NOTE - somebody suggested this to me as an Olympic event but with a caveat - the drivers all have to drive the exact same car - that way you could truly gauge the skill level and athleticisim of the drivers.

Auto racing is my favorite sport, but I know that that the USOC couldn't afford the $30 million to $210 million to send three teams to the Olympics.

Bad drivers are usually the first people to say racing isn't a sport. Just an observation.