This is a framework, so you'll see this in Frameworks rather than All General Mods.
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How To Use This For Your Own Missions
Since this is a framework, you'll need to add this in your mod's Meta.ini to use this.RequiredFramework=PointerCarsphere
Add the following in your m#l.mfk file.
LoadP3DFile("art\missions\generic\pointer.p3d");
As you've probably already figured, this is intended to be used for races. The collectible is simply named "pointer", so you'd put "pointer" as the second parameter in AddCollectible(). Here's an example.
AddCollectible("sr1_waypoint1","pointer");
AddCollectible("sr1_waypoint2","pointer");
AddCollectible("sr1_waypoint3","pointer");
When positioning your locators in your P3D file with the "From Game" button (including their matrices, because otherwise the arrow won't change direction), the arrow will point to whatever direction you're facing. Position only your trigger volume, THEN orient yourself and position the locator and its matrix.
For some reason, the arrow will only face north in goto objectives no matter where you were facing when you positioned the locator, so DON'T YOU DARE USE THIS FOR THEM.