Drag Strip is a Decepticon who transforms between his robot mode and his race car mode.  He is a nasty Decepticon with the role of Warrior who loves to brag when he wins (according to his Tech Spec). 

Drag Strip belongs to a group called Stunticons named so because of their ability to perform stunts (which are sometimes dangerous to others) while in vehicle form.  He along with his four fellow Stunticons (Dead End, Motormaster, Wildrider and Breakdown) combine to form Menasor the Super Warrior, Drag Strip taking the position of his arm or leg. 

The Generation 1 Drag Strip, along with the other Generation 1 Stunticons, were released individually in 1986.  They were also available together in the Menasor giftset during the same year.