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Yes, I've been told that it was because back in the day, racing rules said that drivers must dash to their car, start the engine, then take off. The key was on the opposite side of the gear lever so that the driver could ignite the engine with the left hand and put the car into gear simultaneously.
It's good that the nomenclature isn't just a gimmick and actually has some reasoning to it :P. We are paying homage to the early racers when we call our cars by their internal names.
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