His racing career began in the 1960s, first on Borgward touring car, then with the 1964 24 Hours of Le Mans as a first major event. Racing a Porsche 907, he won the 1968 24 Hours of Daytona. After his third place finish in Le Mans the same year, he retired from racing.
In the 1970s, he became a successful manager in the Deutsche Rennsport Meisterschaft and the European Touring Car Championship. First he managed Ford, then he took the 1972 champion Hans-Joachim Stuck with him to BMW, to found the successful BMW M team and company.
In the 1980s, Neerpasch was in charge of Sauber-Mercedes sports car racing team, winning the 24 Hours of Le Mans in 1989. He also discovered and taught talents like Michael Schumacher, Karl Wendlinger, and Heinz-Harald Frentzen.
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