WhatsThatNoise said:
I heard they used to race those things quite a bit...
Have never seen one vintage racing though.
Google "Crosley Sebring" to see a fascinating story about a spectator's Crosley winning an early (first?) race at Sebring.
Hotshots (the small open 2 seater) were raced back in the fifties and I've seen one in vintage in recent years. In stock form they're pretty slow.
Their engines, however, were sort of the Chevy small-block of the H-modified (750cc) class here in the US. Dozens of Crosley specials were built and competed with foreign 750's, like OSCA's and Bandinis.
The engines are SOHC with an integral head, but an outfit in Italy (Bandini or Moretti, I think) made a beautiful twin cam head for them. To use it, you first needed to saw the original head off.
I have some info on one of the more successful Crosley based cars
here. It's the first entry (About Candy Poole) on the page. The PBX used a Crosley engine and Fiat based suspension.
The eBay car looks like a great one to buy if the price doesn't get too high.