Famous fabulous Beetle car, Disney's first (10)
I believe the answer is:
celebrated
'famous' is the definition.
(synonyms)
'fabulous beetle car disney's first' is the wordplay.
'fabulous' indicates an anagram.
'disney's first' becomes 'd' (1st letter of 'disney').
'beetle'+'car'='beetlecar'
'beetlecar' anagrammed gives 'celebrate'.
'celebrate'+'d'='CELEBRATED'
(Other definitions for celebrated that I've seen before include "Publicly honoured" , "Rejoiced - famous" , "Eminent" , "Observed (festival); famous" , "Cheered" .)