From 250 GT Competition / 62 to 250 GTO

In December Bulgari sold the 250 GTO on to Corrado Ferlaino, who immediately sent the car back to the factory for the installation of the Series 2 or 1964 type body.

The newly unveiled Comp/62 was quickly met with criticism from competitors and journalists around the world. They couldn't believe that the new racer derived from the 1961 model, but instead were convinced it was a new car. Some called it a 'Testa Rossa with a roof'. 

Works driver Phil Hill drove the Targa Florio track with engineer Mauro Forghieri in the passenger seat to give him first-hand experience of the GT-racer he developed.

Ferrari however, were confident with the legality of the new car. Every change was approved of separately, which should make homologation a small formality. 

Rear Deck of the 60's Vintage Revell 250 Ferrari GTO Slot Car

 Both parties were somewhat right; the Comp/62 was so different from the previous design that it could easily be considered a new car, but Ferrari's careful planning paid off with the awarded homologation. In a similar situation both the Jaguar E-Type Lightweight and Aston Martin DB4 GT Zagato were homologated, despite the rather large departure from their original road car designs. 
The 250's eventual name was also consequent to this much written about process of homologation. In all official paperwork it was referred to as 250 GT Comp/62, but possibly due to a mix-up, it was generally referred to as 250 GTO; the O being short for 'Omologato' (Italian for homologation). Interestingly this name was first used in English publications, long before it reached Italy. 

Scalextric 250 GTO model racer - The GTO was the last great Ferrari with front engine.

The name stuck and by 1966 it was so synonymous with performance that GM's Pontiac division used it for their latest muscle car. Ferrari also revived the name two decades later, when they launched the competition oriented 288 GTO.