Popeye's car's "floating power" is a reference to a technology developed by Chrysler and used on its cars in the 1930s. It was a new means of attaching an engine to its chassis, with the intention of reducing vibration. 4-cylinder engines of the day started and rode rather roughly, transmitting the torque to the whole chassis. By attaching the engine at only two points, defining an axis that passes through the engine's center of mass, the engine was able to rotate slightly about this axis and reduce the transmission of vibration to the chassis.
At the time of this short, the automotive industry was coming into prowess. Women operating autos, however, were considered a colorful but possibly dangerous possibility. They were often portrayed as backseat drivers as well. WW2 would change that perception considerably, and the car manufacturers would begin to court female drivers post war.
Popeye's car horn is played by a miniature Popeye like figure dressed as a boy scout with a bugle. The song includes a bit of Chopin's Funeral March.
One of a number of Popeye shorts that were sent to Asia in the 1980s to undergo a redraw and colorization process.