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Then, if you want to and placed place 1,2 or 3 with your Team, Make a bid to enter F2. Like a "new" Team that wants to enter that Series. Maybe need a level of reputation to raise chances of your Bid be successfull.
If Bid is successfull, you start again with worst car in new Series and can choose between factorys and such things set to base level or pay to change your stuff to fit new Series.
Some HQ Buildings could stay, like Staff HQ, Siulator and such which are not for research or building Parts as new Series means building completely diffrent parts.
Or like in real F3, have not many Parts you can actually develop with standard Parts, in F2 more Parts can be developed and F1 everything becomes free.
With existing Teams that cant switch serioes, you could only start in a Series, and then be hired by a new Team in other Series and their License doesnt allow for a My Team Mode.
Another thing that really needs fixing is the new talent after 20 years... there is no new start. All of the at age 20 are a 60 or 65 at best. It takes more than 10 years to have a driver with a 80-85 level. There is no new Verstappens, Piastris, Norris, ... all of them are horrible. It's not real.
Not having F3 and F2 is the main reason why this game is a flop.
If Football Manager didn't have the lower division, it wouldn't be the success it is.
The best part of Football Manager is to get a trash club from third Division and slowly turning it into a Champions League powerhouse.
This mechanics doesn't exist in F1M and that's a big flow.
This game is a minimal budget, minimal dev Team game. the most expensive thing of this game is the license. They got the cheapest version of the license they coulöd get.
This means: nothing can be changed. The teams must stay as they are, looks, sponsors, liverys and the series has to stay as they are, no change in in Race calender and no Promotion up or going down a series and no My team as no change means also no addition of a Team.