No narrow front wheel options were offered, making the tractor more stable with front-end loaders.

Both gasoline and diesel versions used a 144-cubic-inch (2,360-cubic-centimetre) four-cylinder engine with a six-speed transmission.

Engine displacement increased to 155-cubic-inch (2,540-cubic-centimetre), with a two-speed PTO, a new transmission, and a hydraulic three-point hitch.

An option for power steering was offered, as well as power-assisted rear wheel spacing.

The 550 was sold in Canada as the Cockshutt 550, replacing the preceding Cockshutt-built 550, a completely different tractor.