Very cool, vintage promotional item from the 1970s Austrian Grand Prix (Osterreich - Ring) - travel satchel / handbag made of a smooth very sturdy vinyl / leather strap with great image of a Race Car on the front.  Satchel has a front pocket as well.   Size of the bag is 14 x 6 x 11 inches.  

Uncommon, and only one I have ever seen on ebay.