It was a cops & robbers slot car game, with 1930s cars.
That set I do not remember, although if DX stations offered them, I am sure someone in my class had one. We were still well-supplied with DX stations in those days.
A classmate of mine had the drag race slot car setup that Plymouth dealers sold: it was called "shutdown!" Basically, you had to hit the "shift points" right in a drag race between two Plymouth GTX slot cars that might have been about 1:35 scale or something like that. I don't think anyone in his entire family ever condescended to even test drive a Plymouth let alone own one, but he had that set nonetheless.
"Jealous" doesn't begin to describe it...
Pretty clever of Plymouth to get youngins interested in their cars. This way when they’re old enough they may want to buy a real one! (if they had that kind of $)