The racing cars were prepared by Michelotto (based in Padua) the Ferrari specialist who had already carried out work on the GTO Evoluzione and on parts of the road-going version of the F40.

Three chassis were prepared and two were used in races, with serial numbers 79890 and 79891. The third chassis, with serial number 88521, was intended to be raced and was a spare car that stayed at Michelotto but was never raced.

The car saw competition as early as 1989 when it debuted in the Laguna Seca Raceway round of the IMSA, appearing in the GTO category, with an LM evolution model driven by Jean Alesi, finishing third to the two faster spaceframe four wheel drive Audi 90s and beating a host of other factory-backed spaceframe specials that dominated the races. In the following race, it had to retire after eighteen laps. The next IMSA season, driven by a host of guest drivers such as Jean-Pierre Jabouille, Jacques Laffite and Hurley Haywood, three second-places and one third-place were the best results.

Although the F40 would not return to IMSA in 1991, it would later be a popular choice by privateers to compete in numerous domestic GT series including JGTC.

In 1994, the car made its debut in international competitions, with one car campaigned in the BPR Global GT Series by Strandell, winning at the 4 Hours of Vallelunga.

In 1995, the number of F40s climbed to four, developed independently by Pilot-Aldix Racing (F40 LM) and Strandell (F40 GTE, racing under the Ferrari Club Italia banner), winning the 4 Hours of Anderstorp. No longer competitive against the newly entered McLaren F1 GTR, the Ferrari F40 returned for another year in 1996, managing to repeat the previous year’s Anderstorp win, and from then on it was no longer seen in GT racing.

In total nineteen cars were produced.

Special Options :

Body –
Front LM GTE Carbon Bonnet
Rear Bonnet Carbon Kevlar LM
Rear Center Spoiler Carbon LM
Rear Spoiler Carbon LM
Side Windows LM
Front Spoiler Carbon LM
Rear Diffusers Carbon LM
Front Tow Hook LM
Rear Tow Hook LM
Safety Locks LM
Lexan windows LM
Rear Lexan cover

Exhaust – Tubi LM 
Wheels – OZ racing 18″ 
Lift system “Roberuta”
Brembo Brakes LM
Brake Cylinders LM

Interior –
6-points seat belts LM
Bucket Seats LM
Fire system LM
Kill Switch LM
Brakes switch LM
Centre Console LM
Gear box LM
Teflon ball gear stick LM
Pedals LM