I'm late to the party - I frequently am with Hot Wheels - as I finally saw Loopster last month. It's a roller coaster car that can connect with others if you have more than one of them. Four featureless passengers ride inside the vehicle, one of which on this version has his arms up. A variation - possibly a chase variation - has arms down OR up on the blue version of the car.
If you're wondering if it will go through a loop, the answer is yes - one to five of them connected can indeed loop, as seen in this YouTube video (thanks Andrew!) Turn down the sound and check it out - the first thing I thought was "I wonder if this will go through a loop" and this video not only answers the question, but also saved me a few bucks.
The helmeted figures are seated with safety harnesses over their chests, and on mine one figure has rubbery limbs extended to the sky. A "Loopster" logo is on the hood of the car, presumably because this is the name of the ride. The bottom of the toy is metal with a plastic top part, and if you love fake wheels then this toy is king. Two false wheels are behind the front tires, which are notable in that they're slightly smaller than a normal Hot Wheels car. What really made this toy stand out when I saw it in a store was the fact it had hooks to connect to other Loopsters, assuming you were to army-build these things and form a human centipede which is really neither.
It's charming, and a fascinating gambit. Mattel came up with a way to get people to buy and play with multiples of the same car, rather than just hoard them and flip them on eBay. That takes creativity, and as a fan of some of the weirder cars in this line this is one I'll probably buy a few more times as I find the various variants. Get one if you dare!
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