A bit more detail:
"Pete Peterson, employee of the Cape Fear Motor Sales, Ford dealer in Wilmington, North Carolina, was apparently influenced by European styling when he designed the trim roadster in which he is pictured. He assembled the car from the ground up, using parts from nine different yearly models of Ford and Mercury, with odd parts from a few other makes thrown in. The engine is 1950 Mercury with 8.5:1 heads and other speed equipment, reportedly developing 175 hp at 5,200 rpm. Peterson’s body is basically 1936 Ford roadster. Among his many changes were alteration of the rear deck to provide a spare tire well, installation of parking lights and turn indicator, and removal of eight inches from top and width to proportion the car".