He began his racing career in 1968, buying a Faccioli tuned Fiat 500, achieving good results in the various hillclimbs he competed in.

Between 1972 and 1974 he led the team to good results in Formula Italia, being runner-up in the 1972 championship and then in 1973 going on to win the title with Giancarlo Martini as driver.

Giancarlo retained 14.5% with the remaining 15.5% distributed between the Scuderia Italia investors (Emilio Gnutti, Giuseppe Lucchini and Vittorio Palazzani) and Defendente Marniga.

2001 saw another change in the ownership of the Minardi team with Australian Paul Stoddart buying the company, although Giancarlo retained the role of Managing Director, with particular emphasis on the development of young drivers.

He left Minardi after the takeover and renaming to Scuderia Toro Rosso by the Red Bull energy drink concern in 2006.

Drivers such as Giancarlo Fisichella, Fernando Alonso, Mark Webber and Jarno Trulli all had their Formula One debut with Minardi.