The title refers to The Soap Box Derby, a contest held in the United States since 1934, in which kids build their own racers that rely on gravity for propulsion. World Championship finals are held each July at Derby Downs in Akron, Ohio.
From Seasons 1 thru 4, General Motors's Chevrolet division was one of the show's co-sponsors. Chevrolet was also the sponsor of the All-American Soap Box Derby during its heyday, in the 1950s and 1960s.