The 550 Maranello marked Ferrari's return to a front-engine, rear-wheel drive layout for its 2-seater 12-cylinder model, 23 years after the 365 GTB/4 Daytona had been replaced by the mid-engined Berlinetta Boxer.

Since 1973, when the traditional front-engined 365 GTB/4 Daytona had been replaced by the mid-engined Berlinetta Boxer, Ferrari's top-of-the-line 12-cylinder 2-seater model had used a mid-mounted 180° 12-cylinder flat engine.

[6] The model's name referred to the 5.5-litres total engine displacement in centilitres and to the town of Maranello, home to the Ferrari headquarters and factory.

[7] Suspension was of the double wishbone type with coaxial coil spring and damper units on all four corners, and anti-roll bars front and rear.

[6] The F133 A engine is a naturally aspirated 65° V12 with four valves per cylinder, dual overhead cams and a variable length intake manifold.

These differ from the standard 550M by having been fitted with the Fiorano handling pack, a leather-trimmed roll cage, suede-covered steering wheel, and carbon bucket seats with race harnesses and "Daytona" stitching.

A WSR plaque was installed on the center console and carbon fiber detailing was applied to the gear knob and footrests.

The 2-door speedster shares the mechanical components from the 550 Maranello but its top speed is reduced to 185 mph (298 km/h) due to increased weight.

[19] On October 28, 2009, Zagato and Ferrari revealed that they have been working on a roadster version of the 575 GTZ coupé to celebrate the 90th anniversary of the long collaboration between the two Italian establishments.

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.

[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.

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.

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.