The inaugural Ferrari Challenge series was in 1993. It was a single-marque motorsport championship for owners of the 348 Berlinetta. Currently, the series is raced on three continents including Europe, the United States, and Asia-Pacific. The 348 Challenge series lasted from 1993 through 1995, when the F355 Challenge took over, lasting from 1995 through 2000.

The F355 was powered by a 3.5-liter V8 engine (an increase over the production 3.4-liter versions), which had been stroked by 2mm over the 348's engine. Lightweight materials were used to construct the engine internals, with the connecting rods forged in Ti6-Al-4V titanium alloy. The engine received a 5-valve cylinder head, which offered better intake resulting in more power, helping to produce 375 horsepower at 8,250 RPM. The 1995 engine had a Bosch Motronic 2.7 engine control unit with a compression ratio of 11:1. This was later changed to the M5.2 in 1996 through the end of production. The frame is a steel monocoque with a tubular steel rear sub-frame.

The F355 Challenge was a $30,000 factory-to-dealer supplied kit upgrade, which included a roll cage and was devoid of carpeting. Each year, the cars received additional factory-fitted race parts, culminating n 1998 with full-evolution cars as virtually complete race cars, with a few parts still needing to be installed by the dealer (such as the rear wing). Racing upgrades included a safety harness, racing bucket seats, lightweight exhaust, engine cut-off switch, competition steering wheel, competition clutch, upgraded brakes, Pirelli racing slicks, brake cooling ducts, lightened components, two hooks, and competition steering wheel.

by Dan Vaughan