Preheat oven to 350°F (175°C). Grease and flour a 9x13 inch baking pan.
In a large bowl, cream together the butter and sugar until light and fluffy. Beat in the eggs one at a time, then stir in the vanilla.
In a separate bowl, whisk together the flour and baking powder. Gradually add the dry ingredients to the wet ingredients, alternating with the milk, beginning and ending with the dry ingredients. Mix until just combined.
Pour batter into the prepared pan and bake for 30-35 minutes, or until a toothpick inserted into the center comes out clean.
Let the cake cool in the pan for 10 minutes before inverting it onto a wire rack to cool completely.
For the frosting: In a large bowl, beat together the butter and powdered sugar until smooth and creamy. Gradually add the milk and vanilla extract, beating until light and fluffy.
Frost the cooled cake and decorate with Formula 1 themed decorations.
Notes
Enjoy this Formula 1 cake at your next racing event!