That's certainly what it started life as in 1947, when it was powered by a BMW motorcycle engine.
But when Berardo Taraschi got hold of it he re-badged is a Giaur and then sold it in 1952 to Frank Dominiannii the US, when the puzzle picture was taken, and at that time it was called the Giaur 750 Sport ******. Dominianni replaced the engine with a Crosley and continued to race the car, I believe as a Giaur-Nardi.
I can't guarantee all the information is correct but that is my understanding of what I have read.