They have been around forever, and everyone has seen the Toyota Corolla. The one in the picture is a cool sporty version with some aftermarket adds to give it a Le Man's look. The Corolla was made into some award winning rally cars back in the day and they were quite competitive. Production of Toyota Corolla's started way back in 1966 when they made the square ugly version with the mirrors over the front wheel well.
I remember racing this car on a video game called Gran Turismo by playstation, and what i remember the most was the lack of guts and speed, perhaps the hamster under the hood was asleep.
And as usual a link to the wiki if you want more info:
http://en.wikipedia.org/wiki/Toyota_Corolla