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Formula One may finally be able to crack the US market, says McLaren Racing CEO

Key Points
  • Formula One has had a hard time cracking the U.S. market, but it may finally be on the right track, said Zak Brown, chief executive of McLaren Racing.
  • "It is growing in America but from a small base," Brown said. "I think we need to pick a plan, stay the course."
VIDEO3:5803:58
McLaren Racing CEO: 'We’re on a road to recovery'

Formula One — the popular motor racing event — has had a hard time cracking the U.S. market, but it may finally be on the right track, the chief executive of McLaren Racing said.

"Well, they're starting to get it right now. What they got wrong is they didn't have the same venue that they were going to ... it's been in Phoenix, it's been in Detroit, it's been in Dallas, it's been in Indianapolis, I don't think that has helped that lack of consistency," Zak Brown, the CEO of the company, told CNBC's "Capital Connection" on Friday.

"Now, we've solved that with Austin, that was an outstanding race. I think we need another race," he added. Austin has hosted the race since 2012.

Miami was supposed to be added into the Formula One 2019 race calendar, but that plan has been postponed — potentially to 2020.

Attendance at U.S. Grand Prix fell in 2017 by 4.4 percent from a year ago. But Brown said that could be changing soon.

"It is growing in America but from a small base," he said. "I think we need to pick a plan, stay the course. I think it can be very popular in America."

Disclosure: CNBC has a partnership with McLaren.

WATCH: Formula One has been wooing Americans for decades – here's why

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Why Formula One has been wooing Americans for decades