Ing. Gottfried Armin Grasser was born on 8 December 1978 in Leoben, Styria. He began karting in 1997 and competed in Formula König in 1999 and 2000, finishing third in the rookie standings in 1999. In 2001 and 2002 he joined Team Ghinzani for their German Formula 3 campaign and also tested their Formula 3000 car as well as a Minardi car. After taking over his parents' Mazda dealership, he retired from single-seater racing.
In 2004 Gottfried Grasser began developing the Grasser-Ultima GTR. The Ultima GTR had been introduced in 1999 by Ultima Sports and had previously been raced at events including the 24 Hours of Daytona in 2002. After building the kit car and testing it at the Pannónia-Ring, Grasser concluded the entire car required modification to be competitive. The revised car received crashboxes, a flat bottom, and a diffuser, and was fitted with a Porsche engine redeveloped by Richmond Racing Engines, with support from tyre manufacturer Yokohama. After the Euro GT Series ended following the 2006 season, the team sought entry in other championships including the Spezial Tourenwagen Trophy (STT) and the Divinol Cup, racing the Ultima at the Jim Clark Revival at the Hockenheimring.
Peter Ebner joined Grasser for the 2011 ADAC GT Masters, where the team entered a Dodge Viper Competition Coupe at the Nürburgring and Red Bull Ring rounds but failed to start at both.
For 2012 the team acquired a Lamborghini Gallardo LP520 previously campaigned by NK Racing Team. Teammates included Mario Dablander, Tomáš Enge, Daniel Bohr, Andrea Piccini — the 2012 24 Hours of Spa winner — and Carsten Seifert. Mid-season the team upgraded to the newer Gallardo LP600+ developed by Reiter Engineering.
In 2013 the team expanded to a full Blancpain Sprint Series campaign alongside partial Blancpain Endurance Series and ADAC GT Masters programmes. Hari Proczyk and Dominik Baumann took five consecutive third-place class finishes before claiming the team's first class victory in the Pro-Am category. Proczyk finished second in the Pro-Am standings; Baumann third. The Blancpain Endurance entry was shared with Gerhard Tweraser. Former Formula 3000 driver Bernhard Auinger made a brief return to motorsport in the ADAC GT Masters that year.
For 2014 the team ran two cars in the Blancpain Sprint Series. Jeroen Bleekemolen joined Proczyk in car 28, claiming the team's first pole position at Nogaro. Bleekemolen and Proczyk won races at Nogaro, Circuit Zandvoort, and Portimao, finishing third in the drivers' championship. The second car rotated among Enge, Sascha Halek, Stefan Landmann, and Tomas Pivoda; Halek and Landmann finished second in the Pro-Am Trophy.
From 2015 the team switched to the Lamborghini Huracán GT3 with factory backing. The team promptly scored a home victory for Lamborghini at Monza in the Blancpain Endurance Series. In 2017 the Grasser Racing Team won the overall drivers' titles in both the Blancpain GT Series and the Blancpain GT Series Endurance Cup, as well as the Teams' championship in the Blancpain GT Series.
On 28 January 2018, GRT won the GTD class at the 24 Hours of Daytona, the opening round of the 2018 WeatherTech SportsCar Championship, with drivers Mirko Bortolotti, Rik Breukers, Rolf Ineichen, and Franck Perera. The team repeated the feat at the 2019 24 Hours of Daytona and, less than two months later, won the 2019 12 Hours of Sebring, again in the GTD class. From 2020 the team refocused its efforts on the ADAC GT Masters and the WeatherTech SportsCar Championship.
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