In 1993 Ferrari offered a track-day 348 that was converted into a racecar by Michelotto. To transform the car, several major modifications were completed that limited the car to the race track. Of the 11 cars produced, only two raced professionally and one with great success in the 1993 Italian Supercar GT Championship.
Michelotto was no stranger to Ferrari competition cars, they had already worked on other Ferrari racecars including the second series of Ferrari's 333SP sports prototype. To transform the 348 many systems were replaced including the suspension which had new geometery and fully adjustable Koni dampers. These attached to 18-inch Speedline wheels with 15-inch ventilated Brembo discs. At the rear, F40 halfshafts were fitted.
The body used several new panels made in carbon fiber including the doors, bumpers and undertray. The engine cover and front lid were also modified to save weight.
Inside, the interior was stripped and an FIA roll cage was installed. Racing seats, belts, pedals and a alcantara steering wheel was fitted. All the upholstery was also replaced by lightweight fabric. Furthermore the side and rear windows were replaced by Lexan counterparts.
Only 11 GT Competiziones were built and of these only two were raced professionally. One was raced in the 1993 Italian Supercar GT series by Jolly Club and driven by Oscar Larrauri who placed first in Group 2. Another contested the 1994 Daytona 24 hours under the Shelton brothers Ferrari dealership. It was driven by Steve Shelton, Tom Shelton, Didier Theys and Art Coia to 16th overall and 8th in the GTU class.