Very good fit and finish. Even seems to have a seatbelt.

"Cost $2,000 to build."

. . .or a jaw-dropping $26,825.37 in 2015 dollars. Holy mackerel!

As with most every Shorpy photo, I can't help but wonder where this car is now or where and how it met its demise. Such is the joy of Shorpy photos, for me -- stretching my imagination and learning the minutiae of history.

Except for luxury brands, most US cars were priced at less than the cost of building this in 1925. You could have bought 3 of Ford's most expensive passenger model (4-door sedan) and got $20 change back from your $2,000.

Note the radiator cap.

Did anyone notice Kilroy?

... At least, not on the wheels. I suspect the big lever on the side actuates a hand brake of sorts over the transmission shaft, similar to the "service brakes" in a Model T Ford.

Alex_shorpy, I suspect the rear wheels were hung from a single transverse leaf spring, buggy-style.

There's a CSAA diamond logo on the car's radiator and the white-haired gent appears to be George "Pop" Grant, head of the auto club's Touring Bureau, providing sidewalk service with a packet of information. Location is 1628 Van Ness Ave.

Those tires look like they are made of canvas. The center rib is the only part in contact with the pavement. Only a fool would drive 80 mph in that toy car.

[As noted in the caption, they're airplane tires. I suspect the man knew what he was doing better than we do. - Dave]

With a chain guard, for sure.

And rear springing.

And better tires.

And a cross hair in the hood ornament / radiator cap. For that authentic, Snoopy's Sopwith Camel experience.

All the road detritus those fenderless wheels are going be kicking up!

That's what it would have been called had it been made in Italy -- a single seater.

Look at the chain drive -- at first I thought what a great character feature it was. Then I realized how terribly dangerous it was! The driver better keep his hands in the cockpit. He may even have to keep his coat buttoned up, because anything dangling over the edge of that low door could be pulled into the chain and that would likely be the end of him!

I'd hate to have that drive chain come off and hit me in the head.

With a real license plate, I guess it was allowed on public roads, but I shudder to think how small you would have felt in any sort of traffic. A vey brave man was our Mr. Petzel.