The Turnpike Cruiser made its debut in 1957 as the top Mercury model. It was unique for having stand-up ornaments on both the hood and trunk. Originally only available as a two or four four door hardtop, a convertible was released after Mercury was given the opportuinity to be the pace car for the 1957 Indianapolis 500. All Convertible cruisers had a Continental Kit and were painted yellow, making this particular model a fantasy car. However, Ertl did produce a pace car replica in the proper color. The convertible was discontinued for 1958 and the Turnpike Cruiser was suceeded by the Park Lane in 1959.
I would be very surprised if this was not the basis for the Yat Ming 1:43 of this car. That version lacks the rear 'Continental Kit' but the Mercury is not well known, popular or especially good looking. Other companies likely produced it because the mold was available. Since they lack the Continental Kit, they are also fantasy models.