A Ferrari sits on the flatbed of a tow truck after it allegedly had been driven at about 200 km/h on Mount Seymour Parkway. (RCMP)

A Ferrari and a BMW have been impounded after they were seen racing at speeds up to 200 km/h on Mount Seymour Parkway in North Vancouver, police say.

Motorists called police on Saturday at about 10:45 a.m. PT saying they had spotted two vehicles travelling at very high speeds on the public road up Mount Seymour, said Cpl. Peter DeVries.

An officer on patrol nearby was notified and moments later, "watched, stunned, as a blue Ferrari rocketed past him at almost 200 km/h. A BMW followed close behind," DeVries said.

The officer located the vehicles in the parking lot at the top of Mount Seymour.

The drivers, aged 21 and 22, both residents of Vancouver, were issued almost $1,000 in traffic fines for excessive speeding and driving without due care and attention, said DeVries.

Their licenses also were suspended and their cars impounded for seven days under provisions of new provincial legislation for excessive speeding and street racing, he said.