I have found a car which is remarkably similar - a special built for Formula 2 (and therefore probably BMW 328 powered) built by Kurt Baum of Hainspitz, Saxony. It is known to have existed in 1947, but its first race was at Dessau 1949. The photo I have seen has the front and rear suspension arms faired-in, but the caption says that this is the car as found today, so our puzzle pic may be the car in its early years.
(the puzzle pic certainly looks like Germany)