AutoPuzzles - The Internet's Museum of Rare Cars!

I'm surprised that this car doesn't appear to have been posted before.
Therefore an easy rookie point if you can tell me what this is - who built it, what was it called and what was it based on.

This is the

1989 Fiat 126 Flat Out by Andy Saunders

That's the car - another point for you olavr.
Additional photos -
1.  The unretouched original
2.  Showing just how low it is compared to a normal car
3.  The car painted red with the man himself, Andy Saunders.