What is the story behind this one?
I don't know much about it. Luigi Colani (who I believe is actually German despite his Italian name, the result of Italian heritage) of course has a 60-yer history of being a prolific producer of all sorts of one-offs, some of them totally madcap, based on established supercars and other types of car.
This one set a record speed of 351 km/h for cars fitted with a catalytic converter, at Salt Lake, Utah in 1991. Hence the title 'Record Car'.
I believe it's based on a Ferrari Testarossa.