Fantasy is unleashed in comic books, allowing writers and artists to unleash their vivid imaginations in ways unimagined in live or even cartoon media. Such was the case in the 40's and again in the 70's, when boy heroes and their older red-haired companions came upon a pair of flying cars that could not exist outside a Back-to-the-Future flick.
Boy genius turned costumed hero Sylvester (the Star-Spangled Kid) Pemberton enlisted the aid of his chauffeur/mechanic Pat (Stripesy) Dugan to build for him a unique form of transportation. Matching the lad's sky-high expectations, Pat built the Star-Rocket Racer, and history was born. The pair used the vehicle throughout the duration of their partnership until lost in time for decades. When the Kid returned, he would use the Racer once more as the chief mode of transportation for his newest team of youths, Infinity Inc of Earth-Two.
Earth-One's Jimmy Olsen met the Newsboy Legion, a team of kids who themselves were the sons of the original 1940's version that originally lived on Earth-Two, and thanks to the Cadmus Project and its link to alien technologies such those found on both planets Apokolips and New Genesis, the lads along with their grown reporter ally would use the vessel on various cases. Presumably it is still in a garage waiting for action!