What about the name Esmeralda and the laughing horse?
Bob Hope and Bing Crosby sponsored the car at the 1951 Indianapolis 500.
Both were golf enthusiasts and played at the Esmeralda Open golf tournament in 1949.
Which was ran by the “Spokane Athletic Round Table” In 1950, the ART was developing a new golf course. Their emblem was a Laughing Horse head inside a circle.
Bob Hope and Bing Crosby used that logo on the race car to help the group raise funds to build the new Esmeralda Golf Course.
the last Hope and Crosby surprise was the soap box derby cars http://justacarguy.blogspot.com/2016/12/the-goofballs-bob-hope-and-bing-crosby.html and Hope's Challenger http://justacarguy.blogspot.com/2017/06/bob-hopes-1970-challenger-rt-440-727-ac.html