A Ferrari 458 and a Porsche 911 were involved in a crash that totalled both cars after the two drivers broke the speed limit.
Shocking pictures showed the wreckage of the supercars after the accident in Sheffield on May 20 last year.
Somehow the two drivers managed to survive the crash with minor injuries but on Tuesday they were found guilty of dangerous driving at Sheffield Crown Court.
Ferrari driver Carl Hartley, 32, was speeding when he lost control of his £200,000 vehicle, smashing into fellow speeding motorist Henry Hibbs, 27, who was in his £100,000 Porsche.
The court heard several witnesses told investigators the motorists were driving "dangerously" and "unsafely" before the smash.
Both vehicles were captured on numerous CCTV footage at various locations exceeding speed limits.
The court heard Hartley, from Swadlincote, Derbyshire, fled the scene of the crash.
When officers eventually caught up with him he admitted being involved but claimed his brakes had failed.
The airbag unit from his Ferrari was examined and it was found the bags were deployed when the car was travelling at 68mph in a 50mph zone.
No damage to the braking system was found.
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Assistant police sergeant McEnery, who led the investigation, said: “I would like to thank the members of the public who came forward and assisted us with this investigation.
“Your help and commitment to making South Yorkshire a safer place does not go unnoticed.”
He also stated the roads should not be used as racetracks, adding that they have speed limits for safety reasons.
Hartley and Hibbs, from Ollerton, Nottinghamshire, will be sentenced at a later date.