Named after its founder Vincenzo "Enzo" Osella, the team began life by racing Abarth sports cars among local and national races in Italy since 1965. Though relatively successful (Osella eventually took over the factory Abarth sports car program), Osella expanded into single-seater racing in 1974 to further develop his business. In 1975, the team entered the European Formula Two Championship for the first time, achieving some success with its own car, the BMW-powered Osella FA2.