First Racing was the Italian F1 team founded by former racing driver Lamberto Leoni in 1988. The team built a car for entry into the 1989 Formula One series, designed by Ricardo Divila, and powered by a Judd V8 engine. Italian Gabriele Tarquini was signed to drive the lone entry. The car raced in the inaugural Formula One Indoor Trophy, held on December 7–8 at the Bologna Motor Show, after the close of the 1988 season. The six drivers were drawn into three quarter final head to head races. Tarquini’s First was out qualified in the quarter final by Pierluigi Martini in Minardi. The 189 was too heavy and underpowered, and development of the car was delayed due to lack of funds. Faced with the perspective of racing an uncompetitive car in a packed field with pre-qualifying sessions, Leoni decided to withdrew before the opening Brazilian Grand Prix and concentrate his efforts on the Formula 3000 season. The second chassis commissioned by Leoni would be later purchased by Ernesto Vita and used in the 1990 for his Life L190.
| Season | Series | Event |
| 1988 | F1 | Bologna Formula One Indoor Trophy |
| Driver | No. | Entrant |
| Gabriele Tarquini | 9 | First Racing |
| Scale | Manufacturer | Collection |
| 1:43 | Villa Model | |
| Cat. No. | Quality | Rarity |
| VM306 | 
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