Yes, that is what my source says it is. I found the picture in a book about the Hanomag 2/10 PS. There it is identified as a Bufag Troll at a long-distance race (
Zuverlässigkeitsfahrt) in Hanover in 1921. The number plate is from Hanover, too, but the year contradicts the date of the foundation of Bufag, usually given as 1922. In an old veteran car magazine this picture was used on the front page, pointing to an article about Hellmuth Butenuth using photos from his archive. But the caption said it is a Hanomag 2/10 PS which it surely isn't.
Unless someone can prove me wrong my assumption is that the puzzle picture and the one posted in reply #34 show a Bufag with minimal "racing car" bodywork and with standard bodywork. I would think these cars to be produced after the torpedo shaped ones found here:
https://www.autopuzzles.com/forum/2017-47/pn-983/
