The first Zvezda (star) was built in Russia in early 1951 and looks remarkably like the Salut of Derkovskiy and Peltzer. Press releases suggested that it was a serious contender and a photograph was published which allegedly shows one taking the chequered flag however it appears that this may have been largely Soviet propaganda and no car ever raced outside of Russia.
The same car, or possibly simply the same name, appeared again in 1957. The Zvezda 500 was designed by Alexander Peltzer and three cars were ready to compete in 1957 USSR Championship. All of them had streamlined bodies and two-cylinder motorcycle engines IMZ-M52, giving 35hp @ 7000rpm, placed behind rear wheels. Independent suspension for all wheels with springs was used. The frame was made of wide tubes again, an idea borrowed from captured Auto Unions. In 1959-1960 Zvezda 500 cars took one gold and two silvers at USSR Championship rounds. In 1959, Alexander built a second 500, the Nami041M.
With enclosed cockpit presumably intended for speed attempts.
If anyone has any more details or photos, please get in touch.