After World War II Lamborghini owned a FIAT Topolino and began to modify them. He increased the engine capacity from 500 cc to 750 cc and developed a bronze "Testa d'Oro" cylinder head with overhead valves. He entered his modified Topolino in the 1948 Mille Miglia, during which he crashed into an inn near Fano, ending his race.
The founding of Lamborghini
A wealthy manufacturer of tractors and air conditioning and heating units systems after World War II, Lamborghini was an enthusiastic owner of sports cars. After owning and driving a Mercedes-Benz 300SL, a Jaguar E-Type, an Alfa Romeo 1900, a Lancia Aurelia B20 and a Maserati 3500GT, he bought his first Ferrari, a 250GT. He became a Ferrari enthusiast, eventually owning three. However, he had recurring clutch problems, and eventually brought his complaints to Enzo Ferrari. Ferrari insulted Lamborghini, effectively stating that a tractor manufacturer was not qualified to criticize Ferraris. Affronted by Ferrari's reaction, Lamborghini began to repair his clutch himself, at which point he noticed that some of the clutch components were the same as the ones he used on his tractors. He replaced the clutch with one built to a stronger specification, which solved the problem. Lamborghini then decided to build faster and more reliable cars than Ferrari and to prove that supercars did not have to be as temperamental as Ferraris.
In order to achieve his goal, he founded his own rival sports car manufacturer near the Ferrari factory, and hired ex-Ferrari engineers Gianpaolo Dallara and Bob Wallace to design and develop the cars. His first production car, the Lamborghini 350GT, was superior in every respect that Lamborghini had criticised in his Ferraris. His third model, the Miura, was a ground-breaking and legendary car that started the genre of the mid-engined supercar. He has developed many unique designs that describe the Italians best when they design cars: luxurious, smart and safe.
Lamborghini's (non-)racing policy
As a manufacturer of sports cars, Ferruccio Lamborghini was unique in his racing policy. While other sports car manufacturers sought to prove the speed, reliability, and technical superiority of their cars through participation (and hopefully victory) in motor racing, Lamborghini clearly stated that his company would not participate in or support motor racing. This was in direct contrast to Ferrari's policy, where the main purpose his production cars served was to generate revenue to fund his continued participation in racing. The "no racing" policy caused some tension between him and his ex-Ferrari engineers, who were all racing enthusiasts. Several of them started to develop a mid-engined car with racing potential in their spare time. Lamborghini discovered the project at the prototype stage. He allowed them to continue the project, but insisted that there would be no racing versions built. This project evolved into the Miura.
The bullfighting legacy
The crest of the company, a bull, was taken from Lamborghini's zodiac sign, Taurus. The Miura was named after a breeder of fighting bulls, Don Eduardo Miura. Islero was named after a Miura bull that killed famed matador Manolete (real name Manuel Laureano Rodriguez y Sanchez) on August 28, 1947. Espada means "sword", the weapon of the matador. It is also used colloquially for the matadors themselves as they are the swordsmen that can be seen on old bullfight posters. The name Lamborghini Jarama had an interesting double meaning: Jarama is an area renowned both for bullfighting and for its motor racing circuit.
It is not known if the Countach, a verbal equivalent to a wolf whistle in Italian, the last car to be developed under Lamborghini's ownership, was intended to break this tradition, as the name has no basis in bullfighting. Later owners of the company reverted to this tradition, namely with the Diablo (a famous bull), the Murciélago (after Murciélago a famous bull that contributed to the Miura breed), the Gallardo (a caste of bull that is an element of the Miura breed) and the Reventon (a famous bull best known for killing famed bullfighter Félix Guzmán in 1943).
In 1972, Lamborghini invested heavily in increasing the capacity of his tractor factory in order to meet a large order placed by a South American nation. When the order was cancelled, the losses forced Lamborghini to sell part of his share in the factory.
Also in 1972, Georges-Henri Rossetti became Lamborghini's partner in the sports car business. Lamborghini sold his share of Automobili Lamborghini to René Leimer a year later. He then retired to the life of a gentleman farmer, living in a vineyard he had purchased earlier. 
In an interview with English-Italian journalist Mirco Decet, Ferruccio Lamborghini revealed the favorite cars he owned were Ferraris (from "The Great Book of Lamborghini").