The film is real, and you can read about how it was made. They were really being a bit crazy as the roads were not closed down and they ran quite a few reds if I remember correctly. The pigeons certainly were not expecting a car to be approaching so fast and I am sure the garbage men were a bit surprised. At one point there is a bus crossing the road which made it a bit interesting.
The car was a Ferrari as far as I know. I saw the crappy VHS version of the film a few times about 20 years ago and it was pretty impressive. Ill buy the CD for sure. No special effects, and probably not the best driving, but it is a classic.