Looking for a hot rod book from the '50/60's I read as a kid

I have been trying to find a book I read when I was a kid (1970's) that was written in the 50's or 60's.
It was about a wealthy boy that gets a European sportscar (maybe a Ferrari or a fictitious Italian brand.)
However, his father loses his job or company or something and he is forced to sell the car to help his family.
When he had the car he was street racing against some hot rodders and might have wrecked his car.

Anyway, after he has to sell his car, he becomes friends with the hot rodders and builds his own in order to have a car again.

I came across this site from another posting and I am wondering if this was a book by Harry Felsen. Does this plot sound familiar.
If not Felsen, would anyone know what the title/author might be?
Thanks
Charlie

 

Is it the book with the car called an "Wostman Ebert" ( I think) and the kid has to work on a garbage truck over a summer?
I don't remember the title of that book though, it just may come to me.....

I think the kids name was "Terry McGovern"

 

Googled "Wostman Ebert" and didn't come up with anything recognizable. If you think of it let me know. This is just killing me that I cannot remember the name of it!!
Got a 15 and 11 yr old boys and I want them to read some of these before they get too old.
Thanks
Charlie

 

I've got the book. It's title is " Drag Strip " by William Campell Gault. First printing was 1959.

 

Yep, I read that a year ago. Along the same lines as Felsen, but not his.