Takara has a line of super-deformed toy cars called Choro-Q in Japan, Gadget Racers in the West. They feature licensed real-world vehicles: supercars, family sedans, emergency vehicles and everything else besides. They've been around forever and, it seems, so have the games based on them.
This is a cookie cutter racing game, most of this you've seen before in other, better games. You race your little cars around flat tracks and make money by finishing in better positions. Then you can purchase new parts with your winnings and add them to your favourite vehicle. Build up a stockpile of different cars and parts, and race some more.
You've seen it before - 'mode 7' tracks, NES-quality music, vague looking cars and generic parts and so on. There's nothing new to see here, the entire game just screams 'me too!' and is, at best, not a terrible way to pass the time. There's no reason to suggest this game over any other racer, but by the same token it doesn't suck any more than most.