This is Gears, another mini vehicle autobot from the first generation, G1, of Transformers. He was released in 1984. In the Transformers story line he utilizes blasts of compressed air from his feet allowing him to soar through the air. He is also known as a complainer and whines incessantly about wanting to leave Earth and go home.
Gears car form is actually some sort of pick up truck. In fact, South American versions of Gears are named Pick-Up. Issued in blue and red in the U.S. his Mexican version was issued in maroon and white.
Gears sells for about $250-$400 in high graded MOC condition. Loose he runs about $10 to $50 depending upon condition.