The paper describes a ‘virtual motorsports’ event developed by the University of Windsor Vehicle Dynamics and Control Research Group. The event was a competitive project-based component of a Vehicle Dynamics course offered by the University's Department of Mechanical, Automotive, & Materials Engineering. The simulated race was developed to provide fourth year automotive engineering students with design and race experience, similar to that found in Formula SAE®or SAE Baja®, but within the confines of a single academic semester. The project, named ‘Formula463’, was conducted entirely within a virtual environment, and encompassed design, testing, and racing of hi-fidelity virtual vehicle models. The efficacy of the Formula463 program to provide students with a design experience using model based simulation tools and methods has been shown over the past two years. All of the software has been released under a General Public License and is freely available on the authors website. While the software has been developed primarily as a teaching tool, it is expected that future applications include general motor vehicle design, analysis, and performance evaluation.