Before radio control entered the powered car hobby, motorized cars were usually run either tethered to a center post or on rails on a circular track. The Wen Mac Corporation of Culver City, CA put the popular .049 engine in a plastic body, bringing the price down to mass market levels. Prior to that, most tether cars had cast aluminum bodies with larger engines and were capable of very high speeds. This particular model appears never to have been run and is still in the original box.
Wen Mac is no longer in business, but during the early days of Disneyland they paid $500 a month to host the flight circle in Tomorrowland. They would fly their aircraft and run tether cars for the visitors with several shows a day. In 1958, the Cox Company took over the flight circle until it was closed in the 1960s. Walt Disney himself used to show up often to watch the shows.