Ferrari's decision to build the 575 GTC was directly inspired by the success of the Prodrive-developed 550 Maranello-based racers, which had taken a class win at Le Mans shortly before the project began. The Italian manufacturer tasked specialists N-Technology — not its in-house racing department — with development and production of the new car. Work began before the 575M was even available to use as a base, and the first three cars built in 2003 were actually based on the earlier 550 Maranello platform, which differed only in detail. Those early units were then updated to the definitive 575 specification.
The base cars were stripped down and rebuilt around a steel roll-cage. Carbon-fibre bodywork replaced the road car's steel panels. The V12 engine was enlarged to displace just under six litres. With the mandatory restrictor in place, the unit produced approximately 600 bhp, mated to an XTrac six-speed sequential gearbox. The completed car weighed 1,148 kg, just under the 1,150 kg regulatory minimum. Aerodynamic development included a deep front splitter, a flat underbody, a widened rear track, and an aggressively mounted rear wing — all developed in wind tunnel testing. The fuel tank capacity was 100 litres.
Technical specifications for the definitive 2003 build included a 65-degree V12 with a 90 mm bore and 78.56 mm stroke, displacing 5,997 cc. Maximum power was 605 hp at 6,300 rpm with 730 Nm of torque at 5,200 rpm. A Magneti Marelli electronic injection and ignition system was used with a dry-sump lubrication arrangement. The car ran on 325/650 x 18 front and 325/705 x 18 rear tyres.
The 575 GTC made its debut in the 2003 FIA GT Championship. Two of the three early prototypes were entrusted to the French JMB Racing team, who encountered reliability problems throughout the season. The third car, the first completed to the definitive 575 GTC specification, was the car displayed at Frankfurt. The following month, JMB debuted the definitive car at the Estoril round of the FIA GT Championship, driven by Fabio Babini and Philipp Peter, starting fifth on the grid and winning on debut.
For the 2004 season onwards, Ferrari sold twelve examples to customer teams. Among those who raced the 575 GTC were JMB Racing and GPC Giesse in the FIA GT Championship, and Barron Connor Racing, who entered long-distance events including the 12 Hours of Sebring and the Le Mans 24 Hours, and also contested the Le Mans Series. An Evo upgrade package was made available but made little competitive difference. The debut victory at Estoril remained the car's only international win; the 575 GTC ultimately proved unable to match the speed and reliability of rival GT1 machinery.
Although not a racing success, the 575 GTC marked a significant step: it reignited Ferrari's factory involvement in GT racing and led directly to the V8-powered F430 GTC, built by Michelotto for the GT2 category. As the last front-engined V12 Ferrari GT racer, the twelve 575 GTCs have grown considerably in collector value. By the mid-2020s, examples were selling at auction for in excess of two million euros, with the final example — the last of the twelve, campaigned by Rock Media Motors in the 2005 Italian GT Championship — sold at the Guikas Collection auction for €2,648,750.
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