Unknown #7 Racer

Recently picked-up this tin litho racer, but I have not been able to identify it. There are no marks, at least not that I can find, unless they are rusted over. There is a #7 on the back, with the inverted triangle. There is a circle on the front, which may be a graphic, or may indicate where something was once attached (?). It measures 5 1/2 inches overall.

I think it's got a great look and shape to it, and nice coloring. But I'm really curious to find out more about it. If anyone has any information, please let me know.