Road Racers (or Toy Cars) were RC Toy Cars that all players were able to transform into during the Holiday Party 2012. You had to donate to Coins for Change from the Cookie Shop in order to become a Toy Car.
However, you could buy another cookie to stay transformed.
In-game, when you moved as a Road Racer, your penguin would move in a similar way to the Skateboard Penguins contactmusic edition of Experimental Penguins.
When orange, peach and pink, the flames would appear red instead. That is because the colors would blend.