Alpha Romeo is an Italian manufacturer of cars. Founded as A.L.F.A. on June 24, 1910, in Milan, the company has been involved in car racing since 1911, and has a reputation for building expensive sports cars. The company was owned by Italian state holding company Istituto per la Ricostruzione Industriale between 1932 and 1986, when it became a part of the Fiat Group, and since February 2007 a part of Fiat Group Automobiles S.p.A.