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. Two cars were built, with Wieth Racing entering one in the 2001 FIA GT Championship, then again in 2003, 2004 and 2005. In 2006 the Wieth's Ferrari scored two wins in the Euro GT Series.
