In 1994, Ferrari built 45 special 348 models, with the intention that they would be converted to race cars to compete in the nascent Ferrari Challenge series. They were called the 348 Challenge.
Most of these cars were actually converted to race, with the supplied conversion kit. However, a small handful were not ordered with the kit, stayed street legal, and were never converted. And, out of the 45 cars built, 13 of them were TS models, with the removable “targa” top.
This car is one of the 13 - 348 Challenge TS cars, and this car was never converted to race. It was originally bought at Ferrari of Houston, and has been in Houston since new, with only 3 previous owners. Its VIN is documented in the 348 Challenge registry as a TRUE Challengecar. All of the 348 Challenge features are present: the cut-outs for rollbar mounting, the harness mount points behind the seats, the non-offset rear wheels, special badging, solid suspension bushings, Challenge ECU, etc.
In August 2013, this car underwent an extremely comprehensive engine-out major service at Ferrari of Houston, performed by the technician who worked on the car when it was new, as well as who maintained Ferrari of Houston's 348 Challenge race cars when they were campaigned. And, a full and complete service history, going back to when the car was new, is present, as well as all books, tools, and keys.
There is no accident damage on the car. The paint, while mostly original, is not in perfect condition. There are a few rock chips, touch-ups, and other imperfections commensurate with its age. And, there are a few scratches on the painted targa panel, probably occurring when someone put it behind the seats without a cover.
I do know that the displayed mileage is not correct. The speedometer was replaced at about 20K miles when it failed, an extremely common problem on these cars, and the mileage started at zero from there. So, the "mileage inconsistency" on the Carfax report is accurate. The car has about 49K real miles as it sits right now. However, realize that many, if not most Ferraris of this vintage have had issues with the speedometer, from mechanical issues to outright fraud from rollback, and this is never disclosed or is lost to history. This car has the service records to document the actual mileage, hence there is no question about its history.
This is a truly rare modern Ferrari, one that will almost certainly increase in value as time goes on, but is also a Ferrari that can be driven and enjoyed on a regular basis. I have never driven a 348 as "sorted" as this one.