Enzzo Ferrari founded Ferrari in 1929 originally under the name Scuderia Ferrari. Known for manufacturing racecars, Ferrari produced its first street legal vehicle the 125 S in 1947. Parent company FIAT acquired 50% of Ferrari in 1969 and purchased another 40% earning a total of 90% ownership of Ferrari in 1988. Like its racecars Ferrari street cars represent a long rich history of speed, symbolizing luxury and wealth.