This character is a Other Symbol and is commonly used, that is, in no specific script. The character is also known as race car.
The glyph is not a composition. It has no designated width in East Asian texts. In bidirectional text it acts as Other Neutral. When changing direction it is not mirrored. U+1F3CE offers a line break opportunity at its position, except in some numeric contexts.
The CLDR project calls this character “racing car” for use in screen reading software. It assigns these additional labels, e.g. for search in emoji pickers: car, racing, zoom.
This character is designated as an emoji. It will be rendered as monochrome character on conforming platforms. To enable colorful emoji display, you can combine it with Variation Selector-16: 🏎️ See the Emojipedia for more details on this character’s emoji properties.
The Wikipedia has the following information about this codepoint:
Auto racing (also known as car racing, motor racing, or automobile racing) is a motorsport involving the racing of automobiles for competition. In North America, the term is commonly used to describe all forms of automobile sport including non-racing disciplines.
Auto racing has existed since the invention of the automobile. Races of various types were organized, with the first recorded as early as 1867. Many of the earliest events were effectively reliability trials, aimed at proving these new machines were a practical mode of transport, but soon became an important way for automobile makers to demonstrate their machines. By the 1930s, specialist racing cars had developed.
There are now numerous different categories, each with different rules and regulations.