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Giocattolo Motori Pty Ltd was founded in 1986 by sports car enthusiast Paul Halstead and racing car designer Barry Lock. The company's name comes from the Italian word for "toy".
The Giocattolo was originally based on a heavily modified Alfa Romeo Sprint with a mid-mounted Alfa V6 engine. By the fourth prototype, the V6 engine had proved to be too difficult and expensive to import and install in the car, so the company instead used a Sprint 4-cylinder body shell. The V6 was replaced by a rear-mounted Holden V8 engine built by Holden Special Vehicles. As well as being cheaper, these engines had more power than the Alfa engines they had originally intended to use; the reported top speed of the V8-powered Giocattolo was 160 mph (260 km/h). It is unknown what happened to the factory Sprint engines and gearboxes that were taken from the cars.
Including the Alfa-powered third prototype (which was rebuilt and re-fitted with the Holden V8 after an accident with a police car almost destroyed the vehicle), just fifteen Giocattolos were built before the company folded in 1989.