It resembles part of an emergency/parking brake adjustment which is usually located beneath a vehicle. It could be that the assembly broke, as the wear and tear on one end would indicate that the broken end was dragged for some time before separating from the remainder of the assy. Also answers how it ended up on the road (and in one's tire/tyre.)
(Oh brother, someone had to go and get serious - for chrissake!)
SoundBarrier, thanks for the "other side" view, it helped a lot!
