The name is a reference to the Ferrari 512S Coda Lunga, that it's based on and roughly translated from latin means something like "fearless flame".
It's a 1970s high-end sports car developed by Fusilier.
Basically, it's really fast, loud and powerful. That's about it.
Obviously a modern race car would likely out-perform it due to superior brakes and what not, but they didn't have nature-loving restrictions on engines in the 1970s, so in a race throughout let's say northern Insula Striate, it would still be among the best.
- It seems that nobody knows how to spell its name. At least half the search results have it one way and the others the other way. The Ferrari is either a "512S", or a "512 S". I don't know which one is more official. The video below even spells "Codalunga" as a single word.
- It's made by the fictional company Fusilier.