Former Ferrari boss, Luca di Montezemolo is to dedicate his induction in to the Automotive Hall of Fame to Michael Schumacher.

Upon hearing the news he had been inducted, Montezemolo announced he would dedicate his award to his friend, Michael Schumacher. The seven-time world champion, who won an unprecedented five consecutive titles with Ferrari.

Montezemolo, who will be formally inducted at the 2015 Induction & Awards Gala Ceremony in Detroit on 23 July, indicated that he likely never would have received induction into the Automotive Hall of Fame without the indomitable spirit, brilliant intellect, and unique driving skills of Schumacher, who won 91 Grands Prix, including 72 victories for Ferrari.

"I would like to dedicate the award to the wonderful and competent people with whom I worked in Maranello, sharing the enthusiasm, the affection and the passion we all hold for racing," said Montezemolo. "However, at this time, as everyone will understand, I want to dedicate it especially to Michael Schumacher, the greatest driver in the history of Ferrari."

Called a "Driver's Driver", Schumacher has been hailed by fellow champion drivers Jackie Stewart and Niki Lauda as the greatest racer of all time. Schumacher won five consecutive World Driving Championships racing for Ferrari in 2000, 2001, 2002, 2003, 2004 seasons. In 2004, Schumacher won 13 of 18 races for Ferrari. What stopped their continued domination of the sport was a rule change that mandated tires could not be changed during races in 2005.

In the process of becoming the best of the best, Schumacher, who suffered a severe head injury while skiing in the French Alps in December 2013, transformed Germany into a Formula One powerhouse, inspiring legions of new fans and the development of a new generation of talented drivers, including four-time world champion Sebastian Vettel, who now also drives for Ferrari.

Schumacher also is recognized as a philanthropist, contributing millions for disaster relief and other humanitarian efforts around the world. In recognition of his work, he has twice won the Laureus World Sportsman award, while the United Nations named him a UNESCO Champion of Sport.

Induction into the Automotive Hall of Fame is reserved for those who have made a significant impact on the automotive industry. Inductees are recognized for their individual achievements, innovations, and historic contributions, besides Montezemolo, other inductees this year include Roger Penske, founder and Chairman of Penske Corporation, and Ratan N. Tata, founder of Tata Motors and Chairman Emeritus of Tata Sons.