The movies "The Car"(1977) and "Christine"(1983) are both very similar to this episode.
The guy from the video store wears a King Kong Empire State Building outfit
Transformers is parodied when Matt "transforms" into his normal self out of his taxi form, with the same sound effect from Transformers being played.
The car that turns out to be a costume is similar to a scene from Cirque du Soleil's stage show The Beatles: Love, in which a Volkswagen Beetle turns out to be a group of performers wearing pieces of a Beetle costume.