The 555 has its roots in the Ferrari 553 F2 model designed and built in 1953. In formula 1 specification used in 1954 the 553 was fitted with inline-four engine designed by Aurelio Lampredi, producing 260 PS from 2497.56 cc of total capacity. Because of the distinctive rounded bodywork and air-intake it was nicknames ‘squalo’, meaning ‘shark’ in Italian. In 1955 the 553 chassis were updated by extended, rounded bodywork, because of which the 555 was nicknamed as s ‘super shark’ or ‘supersqualo’. It also featured new front suspension with helical springs instead of the transverse leaf-springs; and new five-speed gearbox instead of a four-speed. Despite the improvements, Ferrari was still far behind Mercedes, and Lampredi has left the company after serious disagreement. The only win of Ferrari in 1955 was thanks to Maurice Trintignant in the Ferrari 625 in Monte Carlo, in a race marred by Ascari’s accident in the Lancia, which ended up in the sea. Ascari’s teammate young Eugenio Castellotti in Lancia D50 finished second in that race. After his move to Scuderia Ferrari Castellotti demonstrated spectacular performance in a couple of races, best of which was Italian Grand Prix in Monza where Castellotti finished 3rd in the 555. In the final championship standings Castellotti was 3rd, best of Ferrari drivers in the 1955 season.
| Season | Series | Event |
| 1955 | F1WC | Italian GP |
| Driver | No. | Entrant |
| Eugenio Castellotti | 4 | Scuderia Ferrari |
| Scale | Manufacturer | Collection |
| 1:43 | IXO | Fabbri Ferrari F1 Collection |
| Cat. No. | Quality | Rarity |
| No. 55 | 
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