The 'Maverick' by I-TEC is a Flying Dune Buggy

 - Aug 1, 2010
References: gizmag
Florida’s Indigenous People’s Technology and Education Center, or I-TEC, has designed a relatively low-tech flying car called "The Maverick" which is parachute-powered. The Maverick is inspired by a dune buggy, and its performance is pretty impressive, as the vehicle can convert into its flying mode within minutes.

The lightweight vehicle boasts a 16-valve Subaru EJ22 engine with a top speed of 90 mph. The US Department of Transportation has licensed "The Maverick" for ground travel, and the FAA has classified it as an experimental aircraft.