Recently offered at Ebay (and I missed out on it because, even to "snipe" a bid for a PPD item, there's no way I get up at 7:30 am!)
Sadly, I don't think the purchaser was really interested in Powder Puff Derby memorabilia, but rather just "Tobacciana".
Armstrong Floor Wax was a race sponsor. One one side of the lighter is an ad for Armstrong one-step floor wax, on the other side, that race's theme: For women with more exciting things to do than scrub floors."
The lighter is a Scripto-Vu lighter.