This invention sets forth a vehicle launcher assembly comprising an inner vehicle carried within an outer vehicle. The outer vehicle has movable panel components which allow an inner vehicle to be released from the outer vehicle when the panel components are opened. Operation of the toy assembly involves one actuation step to open the panels of the outer vehicle, and second actuation step to launch the inner vehicle. In one embodiment, the outer vehicle is in the form of a car and the inner vehicle is in the form of a motorcycle. The vehicle launcher assembly may also include projectile launchers.