That's how I see it. There is no way that thing is running like a real jet engine would.
In a jet engine, the air enters the intake. It then goes through the compressor, which raises the pressure of the air (by a factor of 10-25 times, or even more). The air enters the burner, where it gets mixed with fuel and then hits the turbine, which powers the compressor (and the fan, if the engine happens to be a turbo-fan one). The air then moves toward the nozzle - or the afterburner, when present, where extra fuel is injected - and then gets exhausted at relatively high velocity. The air/fuel mixture temperature, inside the turbine, is in the order of 1400 degrees F. No way you could have that running inside your car.
It's just a giant flame-thrower. Notice how the fuel line only goes into the afterburner section (the elongated section outside the car). The intake is probably there just to supply the air for that only purpose.
It's still cool looking - sorta. But really, it doesn't do anything. I seriously doubt you even get some thrust just from the flame-throwing effect.
EDIT: Not to mention... the guy said the engine spins at around 26,000 rpm. 13,000 just idling. Now, I don't know who you are, but if you stand that close, you'll be deaf in a matter of minutes...
The Wizard.