The Alfa-Romeo Tipo B was the most successful single-seater Grand Prix racing car of its time. Alfa-Romeo built and fielded it between 1932 and 1936. Initially as an Alfa-Romeo works car, then later under the Scuderia Ferrari label after Alfa took over its racing activities. Designed by legendary designer Vittorio Jano, the car was based on the no less legendary Alfa-Romeo 8C models. The P3 was Alfa-Romeo’s second single-seater after the Tipo-A monoposto of 1931.

Alfa-Romeo P3 Caracciola, winner GP Monza 1932, #6

Racing cars entered the 1932 Monza Grand Prix with no weight or displacement restrictions. The 10 km circuit of Monza consists of the famous 4.5 km Pista di Velocita, a high-speed oval track and a 5.5 km asphalt track. The race mode with three races, rehabilitation (Repêchage) and a final race has been retained. Competitors were split into three separate groups of nine cars each to start in three separate heats. Each group had to cover 10 laps and thus 100 km.

The heats corresponded to today's qualifying sessions, in which only the first to fourth-placed cars were admitted to the final race. The Repêchage, or Habilitation, was a 5-lap, 50km race in which the drivers who did not progress past the qualifying sessions were given a second chance. Therefore, only the fifth through ninth place cars of each heat were admitted to the repêchage. The first four drivers and the first four winners of each of the three races, i.e. the 16 best drivers, had to fight over 20 laps and 200 km in the last race. Alfa-Romeo each fielded Nuvolari, Campari, Borzacchini and Caracciola in a new 2.6-litre P3 monoposto. Scuderia Ferrari brought Graf Brivio and Taruffi to the start in Alfa-Romeo Monza. Bugatti named Varzi and Chiron on the 5-liter Type 54 model. Maserati entered Fagioli, Ruggeri, Minozzi and Ernesto Maserati on the new 3000cc front-wheel drive monoposti. In addition to Earl Howe's Delage, Biondetti's MB Special, Moradei's 1.5-litre Talbot, to name just a few, there were also private starters in Alfa-Romeo, Maserati, Bugatti and Mercedes-Benz.

About 100,000 spectators watched the first race. The Prince and Princess of Piedmont were guests of honor. Only six of the nine riders showed up at the start. Caracciola's red Alfa Romeo immediately sped away at incredible speed and had already established a clear lead after the first lap. None of the other competitors could really pose a threat to the German. His time for the 10 laps was also a new record of 33m 24.2s.

The second heat was particularly interesting, expecting a heated battle between three strong drivers: Nuvolari, Chiron and Fagioli, the Monza record holder in a 16-cylinder Maserati. For a long time after the start of the race it seemed unclear whether Nuvolari or Fagioli would gain the upper hand. Lap for lap, both cars passed the grandstands one behind the other. On lap 6, Nuvolari slipped off the track and got a new front wheel, dropping him to 2nd place. In race 3 there was a competition between Campari and Borzacchini, two Alfa Romeo teammates. Campari took the lead from the start, which he maintained until the end of the race. Borzacchini was second.

The last race was scheduled for 3:45 p.m., but the Alfa-Romeo P3 Monoposti were not on the starting grid. It appeared the Alfa Romeo team was behind Nuvolari's call for Fagioli to be penalized for an intentional obstruction that threw him off the track in heat two. Eventually, however, the Alfa Romeo team came to their senses, withdrew their protest and the race began. At the start, Nuvolari immediately took the lead, followed by Borzacchini, Caracciola and Fagioli. After five laps, Nuvolari Caracciola was leading by a mere two seconds. On lap six, Caracciola managed to briefly pass Nuvolari, but the Italian soon regained the lead. Between round ten and round nineteen, the two were so close it was unclear who would win. At this critical juncture, Nuvolari encountered a fuel pressure problem and pitted as a result, but was waved away by Vittorio Jano without refueling. That pit stop cost Nuvolari a lot of time, dropping him to third place. Rudolf Caracciola was first ahead of Fagioli with a new record.