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. 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. 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.