Motorsport
Although not intended for motorsport, some privateer teams took it upon themselves to develop the 550 for use in various series. The first racing 550, known as 550 GT, was built for French team Red Racing to comply with international sporting regulations. The project was developed by Michel Enjolras and assembled in the Italtecnica workshop.[25] The car was first tested in April 1999 and was used in the GT3 class of the French FFSA GT Championship. In 2001 the car was then sold to XL Racing who continued the development and built a second car, known as 550 XL entering the FFSA GT and the American Le Mans Series.[26] The older 550 GT also made an appearance at the 2003 24 Hours of Le Mans in the ACO GT class but failed to finish due to technical problems.
In 2000, with financial support from some investors led by Stéphane Ratel, Italtecnica created another 550 race car meeting the more powerful GT regulations in the FIA GT Championship, the car being named 550 Millennio.[27] The first car debuted in the 2000 FIA GT Championship, entered by First Racing. The 2001 Championship saw two cars fielded by Team Rafanelli. The 550 Millennio was also developed to meet ACO LM-GTS regulations allowing Rafanelli to enter a single car in the 2002 American Le Mans Series season.[28]
In November 2000, German entrepreneur and engineer Franz Wieth launched another racing version of the 550, developed by Baumgartner Sportwagen Technik, and named 550 GTS.[29] Two cars were built, with Wieth Racing entering one in the 2001 FIA GT Championship, then again in 2003, 2004 and 2005. In 2006 the Wieth's Ferrari scored two wins in the Euro GT Series.[30]
Commissioned by Frédéric Dor's company Care Racing Development, in 2001 Prodrive built a racing version of the 550 for various sports car series and especially the 24 Hours of Le Mans.[31] Initially known as 550 GTO and then renamed 550 GTS (but not related to Wieth's project), a total of ten cars would be built over the next four years and campaigned by the Prodrive team as well as privateer customers. The cars were entirely built by Prodrive without any support from the Ferrari factory.
The factory Prodrive team would win two races in the 2001 FIA GT Championship debut. For 2002 the BMS Scuderia Italia team would take over in FIA GT, recording four wins, while the Prodrive squad would take a single win in the American Le Mans Series. 2003 would be the best year for the cars, as Prodrive won the GTS class at the 24 Hours of Le Mans and took second in the GTS class championship in the American Le Mans Series with four wins, while BMS Scuderia Italia gained the FIA GT championship winning eight races.
The Italian team would again take the FIA GT Championship crown in 2004, while Larbre Compétition won the GT1 class championship in the new Le Mans Series. BMS Scuderia Italia moved then to the Le Mans Series as well taking that championship for 2005. In the meantime Prodrive switched to their next project, the Aston Martin DBR9, leaving the maintenance of the 550 GTS cars to Care Racing Development. Hitotsuyama Racing entered a car in the 2004 JGTC and 2005 Super GT seasons, then switched to the Japan Le Mans Challenge winning the GT1-class title in both 2006 and 2007 editions. In 2008 Argentinian Automóvil Club Argentina Team entered 2 Prodrive 550's, one of them scoring and achieving the fifth place in the Potrero de los Funes round. The last race of the 550 GTS was the 2009 FIA GT Paul Ricard 2 Hours where a car entered by French team Solution F achieved the seventh place.
In late 2003, Australian Nations Cup Championship team Mark Coffey Racing purchased a 550 GT from Team Rafanelli to run in the 2004 Australian Nations Cup Championship. The appearance of the V12 Ferrari in Australia was eagerly awaited by fans of the category and the car was to be driven by popular young Danish driver Allan Simonsen who prior to the championship had raced the car alongside David Brabham to win the Bahrain GT Festival.[32] In what was a limited campaign (the car only raced at 4 of the 7 rounds), Simonsen finished 7th in the championship against cars such as the championship winning Lamborghini Diablo GTR, Chrysler Viper ACR, Porsche 911 GT2 and the controversial 7.0 litre Holden Monaros. Simonsen broke the class lap record and scored a race win in the first round of the season at the Adelaide Street Circuit.[33]
Following the success of the Prodrive's 550 GTS, Ferrari would develop the 575 GTC racecar based on the 575M, offering it as a customer car for privateers.
