"Triple C" = California Car Club.
"Hype" is slang for a drug addict, usually of the intravenous drug use kind as it's short for hypodermic.
In the previous episode ("The Truant"), Reed has to deal with an embarrassing front-page article that names him. In this episode, a front-page article praises his "Operation Truant" program.
The car driven by the heroin dealers is a black 1967 Lincoln Continental sedan. The Continental emblem on the driver's side rear quarter panel is covered with silver tape. Later in the show, Malloy and Reed spot a stolen red Volkswagen Beetle. Apparently a 1968 model. The VW emblem on the engine cover is covered with silver tape.