It's 'Beep Beep' by the Playmates but the lyrics with 'limousine' and 'bubble car' are the 'recorded for the UK' version. The original lyrics are below.
While riding in my Cadillac
What to my surprise
A little Nash Rambler was following me
About one third my size
The guy musta wanted to pass me up
As he kept on tooting his horn
I'll show him that a Cadillac is not a car to scorn
Beep beep beep beep
His horn went beep beep beep
(slowly)
I pushed my foot down to the floor
To give the guy the shake
But the little Nash Rambler stayed right behind
He still had on his brake
He musta thought his car had more guts
'Cause he kept on tooting his horn (beep beep)
I'll show him that a Cadillac is not a car to scorn
Beep beep beep beep
His horn went beep beep beep
(normal speed)
My car went into passing gear
And we took off with gust
Soon we were going ninety
Musta left him in the dust
When I peeked in the mirror of my car
I couldn't believe my eyes
The little Nash Rambler was right behind me,
Think that guy could fly!
Beep beep beep beep
His horn went beep beep beep
Now we were doing a hundred and ten
This certainly was a race
For a Rambler to pass a Caddy
It would be a big disgrace
The guy musta wanted to pass me up
As he kept on tooting his horn (beep beep)
I'll show him that a Cadillac is not a car to scorn
Beep beep beep beep
His horn went beep beep beep
Now we're going a hundred twenty
As fast as I can go
The Rambler pulled along side of me
As if we were going slow
The fella rolled down his window
And yelled for me to hear
"Hey buddy how do I get this car out of second gear?"