Formula 500 (F500) is a Sports Car Club of America (SCCA) and Midwestern Council of Sports Car Clubs (MCSCC) open wheel road racing class.

Formula 500 was originally introduced in the early 1980s as Formula 440 (F440). Formula 500 is a spec class in the sense that the engine, drivetrain, and shock absorbers are all tightly regulated, but the chassis, bodywork and other car parts are free for designers to experiment with within dimensional and structural limits. These regulations allow for very competitive racing at a relatively low cost which rewards driver and car set-up skill.

Formula 500 cars are powered by a two-cylinder, water-cooled two-stroke engine. Modern cars use either the Rotax 494, or Rotax 493 originally produced for Ski-Doo snowmobiles. Older cars, mostly used for Solo events these days use the Kawasaki 440/A engine. The AMW 500L-85/250-2 R2c engine, while legal for use in Formula 500 racing, is rarely used these days.

The Kawasaki 440/A engine, produced by Kawasaki Heavy Industries, is a 436 cc piston port engine utilizing 38 mm Mikuni VM series carburetors and a tuned dual exhaust. While this engine is no longer competitive in road racing, it is still widely used in Solo II and Autocross events. Like all F500 engines, except for the AMW, the Kawasaki was originally produced as a snowmobile engine. It has been out of production since the early 1980s. Parts for these engines are becoming more difficult to find.