Released in 1976, the Warp Racer was among the second series of vehicles put out by Mego which included a new little twist. Remember the "figure not included" text which graced all 70's (and even still today) packaging? Well Mego took a nod from Takara, and copied their marketing and packed a vehicle and figure together. Based on the Microman Formula Z from their "Machine Car" series, the Warp Racer was a boxed item that contaned a smaller fold out window box with a Time Traveler figure included. What a great idea! (The Microman versions included an M-11X, and M-12X figure which Mego never released.

Warp Racer was molded in red and white, and came with few accessories. A small air foil fit into the top of the main body behind the seat (that held a figure in place with a 5mm L-peg) and the front held the stabilizer tip and the 2 wheels. The larger air foil and the body could then be popped onto the motor.

This chrome motor would be used again in numerous Micronaut vehicles, due to its adapability with the 5mm peg/hole system. When holding the wheels (fitted with rubber tires) you could turn the white nob in a clockwise direction. When released, the wheels would spin propelling the vehicle forward. A surplus of these motors would later be released mainly in the Canadian markets as a 3 pack carded set. Warp Racer also came packaged with instructions and a sticker sheet.

After the Mego run, Lion Rock released the Warp Racer minus the figure, as a smaller boxed item.