On June 17, 1923, Enzo Ferrari won a race at the Savio track in Ravenna where he met the Countess Paolina, mother of Count Francesco Baracca, an ace of the Italian air force and national hero of World War I, who used to paint a horse on the side of his planes. The Countess asked Enzo to use this horse on his cars, suggesting that it would bring him good luck.

The original "prancing horse" on Baracca's airplane was painted in red on a white cloud-like shape, but Ferrari chose to have the horse in black (as it had been painted as a sign of grief on Baracca's squadron planes after the pilot was killed in action) and he added a canary yellow background as this is the color of the city of Modena, his birthplace. The Ferrari horse was, from the very beginning, markedly different from the Baracca horse in most details, the most noticeable being the tail that in the original Baracca version was pointing downward.

Count Francesco BaraccaFerrari has used the cavallino rampante on official company stationery since 1929. Since the Spa 24 Hours of July 9, 1932, the cavallino rampante has been used on Alfa Romeos raced by Scuderia Ferrari.

A similar black horse on a yellow shield is the Coat of Arms of the German city of Stuttgart. This horse motif comes from the origins of the city's name: it comes from Stutengarten, an ancient form of the modern German word Gestüt, which translates into English as stud farm and into Italian as Scuderia. Stuttgart is the home of Porsche, which also uses the Stuttgart sign in its corporate logo, centred in the emblem of the state of Württemberg.