Williams chief executive Adam Parr believes Toyota's withdrawal from Formula One marks the "end of manufacturer dominance" in the sport.
The Japanese manufacturer announced last week that it was pulling out of the sport with immediate effect, citing economic difficulties.
Added to that, Toyota motorsport president John Howett has since revealed the possibility of the team being sold had already been "discussed and rejected".
Toyota's decision to follow Honda and BMW through the F1 exit door leaves just three manufacturers in the sport: Ferrari (FIAT), Mercedes-Benz and Renault.
However, the latter's future is in doubt, with company president Carlos Ghosn also stating last week that a final decision will be made before the end of the year.
While manufacturers are walking away, the FIA's decision to expand next season's grid has seen new privateer teams step up, with Lotus, Manor GP, Campos and USF1 all set to join and the Sauber team hoping to follow.
Speaking to the Financial Times, Parr said he believed the high-spending manufacturers were always likely to walk away in a recession - particularly if success was hard to come by.
Honda and BMW both won one race in three seasons as outright owners of teams, while Toyota failed to achieve a victory in eight seasons.
"This week marked the end of manufacturer dominance in F1 - something that had been growing for a decade," Parr said.
"It's not that manufacturers are not welcome in F1; it's just that the maths doesn't make sense.
"If you spend $750m a year to own an F1 team and come ninth two years in a row, you are going to stop. But for an independent, at times like these you just put your head down and keep going - because you have no choice."
However, while Parr considers the decision a milestone for F1, McLaren team principal Martin Whitmarsh says the sport will not be "fundamentally changed" by Toyota's withdrawal.
"Now is the time for all the stakeholders in F1 to pull together," he said. "F1 is still a sensible place and still a fascinating sport in which to invest and participate. People should stay calm because F1 has not been fundamentally changed by the announcement.
"If we continue to develop the working relationships between all of the parties we can make F1 better, more sustainable and more attractive to the fans."
Ross Brawn, who led a takeover of his team following Honda's withdrawal to capture this year's world title, said he believed the sport was in good shape long-term.
He said: "The economic situation has not been good for car manufacturers but it seems to have turned the corner now and most of them are reporting increased sales.
"There are lots of encouraging signs but there is a lag in time for companies to react as it takes a lot of money and time to commit to an F1 team so we may not see them return for a while.
"But there has always been a core group. Ferrari and Mercedes have ridden a few storms over the years but have always been involved and I don't see that changing.
"Some teams are leaving but they are being replaced and we still have a queue of smaller teams wanting to come in.
"I have been in F1 for over 30 years and have seen it go from privateer teams to big factories and back again and I think the future of the sport is strong.
"Some manufacturers use F1 just for the gains they get from it and others are in it for the long haul and we are seeing now who is who."
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