The Wraith / Jake Kesey was played by a young Charlie Sheen. Sheen's character first appears in the movie when he rides into town on a motorbike and starts Winning by picking up the beautiful Keri Johnson. If you're wondering what type of motorbike Charlie was riding, it's a 1985 Honda XL-350r, as seen here:
Charlie's character is the reincarnation of Jamie Hankins who is now endowed with mystical powers and a magical car. Sheen did a great job portraying his double character.