The 750LM was part of a lineage rooted in the 750 Nardi-Danese (also designated the 750ND), a small machine assembled on a Fiat 500 chassis. Power came from a 50 bhp (37 kW) 746 cc BMW flat-twin motorcycle engine mounted in the extreme nose, with the cylinder heads sometimes left exposed and a single headlight at the very front. Despite this unconventional forward engine placement, forward visibility from the cockpit was considered adequate by the standards of the era. Unlike the otherwise similar Chicibio, the 750ND drove the rear wheels. The chassis was a multi-tube spaceframe construction, and the car was available in two body styles: monoposto (single-seater, grand prix type) and due posti (two-seater sports racer fitted with cycle fenders).
The twin-torpedo Bisiluro Damolnar configuration used on the 750LM took this nose-mounted engine concept further, separating the powertrain pod entirely from the cockpit pod and using an inverted wing element to bridge them. The exposed fuselage arrangement was intended to reduce frontal area and drag at speed on the Mulsanne Straight.
The 750ND predecessor carved out a strong record in the lower-capacity classes of Italian motorsport during the late 1940s and early 1950s. Its primary competition — largely consisting of superannuated MG Midgets — was considered no match for the Nardi. Bandini machinery presented stiffer opposition, but the 750ND dominated circuit racing, hillclimbs, and open-road events in its class.
Enrico Nardi himself campaigned the monoposto at the Coppa d'Oro delle Dolomiti hillclimb, winning in both 1947 and 1948. Three examples were entered for the 1952 Targa Florio; none of them reached the finish. The 750ND extended its competitiveness well into 1953, at times embarrassing far more powerful machinery. At the Susa-Moncenisio hillclimb, a 750ND finished eighth overall, only two percent slower than the Ferrari of Andre Simon. The car was also instrumental in building the reputation of Gino Valenzano, who later became a Lancia works driver.
The 750LM Crosley's appearance at Le Mans in 1955 placed it in one of the most tragic races in motorsport history. The car was a notable curiosity among the field because of its torpedo configuration — engines and driver in separate aerodynamic pods — but the inverted wing connecting the two pods could not withstand the turbulent air generated by passing faster cars on the straight. When a larger machine swept past, the aerodynamic structure was torn away, ending the car's race. The event itself was overshadowed entirely by the catastrophic accident involving Pierre Levegh's Mercedes-Benz 300 SLR, which killed more than 80 spectators in the worst disaster in motorsport history.