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. 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.