A.C.
Get a big sheet of kraft paper and draw a big, giant car on it (or a couple cars, or a racetrack with several cars, etc--it doesn't have to be professional, just recognizable for 3yos, LOL) and put it down on the floor (linoleum or tile or hardwood) and put down a box of markets and crayons and stickers. Get some glue sticks and some stuff to glue (cotton balls, whatever). If you're worried about them making a mess, put down an old shower curtain or painter's drop cloth underneath the paper.
Do a "Fix the Tire on the Car" along the lines of the Pin The Tail on the Donkey. Cut out some construction paper circles, and draw another big car on another sheet of paper and tape it to the wall.
You could do a "Find the Lost Race Car" (Hey they are 3, right, so they aren't going to question if it makes sense). Take some of those plastic Easter Eggs and put a Matchbox car, one in each, and hide them around the house/party area. Do one for each child, and maybe a couple of extra (write names on them, so that each kid is guaranteed 1). The dollar store has decent cars sometimes.