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Inspired by the Porsche 356 which was created by Ferry Porsche, and some spyder prototypes built and raced by Walter Glöckler starting in 1951, the factory decided to build a car designed for use in auto racing. The model Porsche 550 Spyder was introduced at the 1953 Paris Auto Show. The 550 was very low to the ground, in order to be efficient for racing. In fact, former German Formula One racer Hans Herrmann drove it under closed railroad crossing gates during the 1954 Mille Miglia.
The first three hand built prototypes came in a coupé with a removable hardtop. The first (550-03) raced as a roadster at the Nurburgring Eifel Race in May 1953 winning its first race. Over the next couple of years, the Werks Porsche team evolved and raced the 550 with outstanding success and was recognized wherever it appeared. The Werks cars were provided with differently painted tail fins to aid recognition from the pits. Hans Herrmann’s particularly famous ‘red-tail’ car No 41 went from victory to victory. Porsche was the first car manufacturer to get race sponsorship which was through Fletcher Aviation, who Porsche was working with to design a light aircraft engine and then later adding Telefunken and Castrol.
Source: Wikipedia (original)