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Transformers Revenge of the Fallen Reverb
The red (crotch)rocket
I just checked just now and core class toy are just a smidge too big to look convincing riding this guy.
Also Reverb and core class Megatron are almost the exact same weight. Less than half a gram difference.
The blue and white striping pretty effectively breaks up the red.
Not sure what the 97s are reference to, if they are one.
And the decals on the side seem to say Calauy Racing. I can't quite make it out.