The title is a reference to Cinderella—a KABOCHA no Basha (カボチャの馬車) {pumpkin carriage} is featured prominently in that work—and to the anime MACHGoGoGo (マッハGoGoGo) {Speed Racer}.
The anime title MACHGoGoGo (マッハGoGoGo) is itself a play on words. MACH (マッハ) is a reference to the Mach Number, a.k.a. the speed of sound, but in Japanese is pronounced with an -a sound at the end (“mahha”). Thus the word “mach” dovetails nicely into the 1960s American slang “a go go” {to have something in abundance} (which originally came from the nightclub Whisky a Go Go and was itself a play on the French “à gogo”).
So all of that is to say that the title literally evokes a pumpkin carriage travelling at the speed of sound, but also specifically mixes childlike references to Cinderella and Speed Racer with 1960s kitsch.