The 550's starting point was a 356 based spyder created by a VW dealer Walter Glockler of Frankfurt in the early 1950's

It was built on a tubular frame with an open body and powered by a tuned 1.1 engine. Glockler enjoyed some success racing this model before creating his second "special" in 1952 which had a 1500cc engine. It was this car which paved the way for the factory 550 spyder which followed shortly after.