Open top Ferrari? I would, given a raise (5)

I believe the answer is:
cardi
'open top' is the definition.
I know nothing about this answer so I cannot judge whether it can be defined by this definition.
'ferrari? i would given a raise' is the wordplay.
'ferrari?' becomes 'rac' (I can't explain this - if you can you should give a lot more credence to this answer).
'i would' becomes 'I'd'.
'given' is a charade indicator (letters next to each other).
'a raise' says the letters should be written backwards.
'rac' after 'id' is 'idrac'.
'idrac' backwards is 'CARDI'.
Can you help me to learn more?
(Another definition for cardi that I've seen is " woolly".)
