This is the 4th incarnation
of this design. Ages ago (possibly 3 or 4 years) LDD had loads of this Space Skulls stuff available in the extended theme, but sadly it was replaced to make room for more Hero Factory pieces.
The basic concept was based on a bad pun, instead of "Ghost Rider" (the Marvel character) I imagined a "Goat Rider".
As has been noted already, the ride is actually a mechanoid.
The "head" is intentionally meant to resemble a goat's skull, the colours are taken from the brand red, black and white, but I've mixed in some metal.