Tobey Marshall is a former race car driver who owns his late father's garage, Marshall Performance Motors, in Mount Kisco, New York, where he and his friends tune performance cars. Struggling to make ends meet, he and his crew participate in street races after hours. Pete has a vision of Toby winning the De Leon, a high-stakes supercar street race run by the reclusive radio host Monarch. After a race, Tobey's former rival Dino Brewster conscripts them into completing the build of a rare Ford Shelby Mustang worked on by the late Carroll Shelby, in exchange for 25% of the car's sales revenue. The completed Mustang is displayed for auction at a party in New York City. Tobey and Dino meet Julia Maddon, an English car broker whose client, Bill Ingram, wants to purchase the car if they can prove it will drive over 230 mph, as Tobey claims. Despite Dino's objections that he wanted to test drive it, Tobey takes the Mustang to a local race track and successfully drives it at 234 mph, convincing Ingram to purchase it for $2.7 million.
Enraged by Tobey's disobedience to his objections, Dino challenges Tobey and his friend Pete to a race after Pete flatly tells Dino that everyone knows Tobey is a better driver than him. Dino offers to relinquish his entire share of the Mustang sale if Tobey wins, otherwise Tobey will have to forfeit his share. He challenges them to race with his uncle's three Koenigsegg Agera R cars illegally imported from Europe. On the home stretch, realizing he is about to lose the race, Dino intentionally rams into Pete's car, sending it down a ravine and killing Pete as it bursts into flames. Dino disappears from the scene, while Tobey is arrested by the police and sentenced to two years in prison for involuntary manslaughter, unable to prove Dino was there.
Upon his release on parole, Tobey sets out to avenge Pete's death. He borrows Ingram's Mustang to enter the De Leon, but as a condition, Ingram requires Julia to accompany Tobey while he is driving the Mustang. The pair have 45 hours to reach San Francisco before the race starts. In Detroit, they cause an interstate chase with the Michigan State Police and upload the footage. Dino offers his rare Lamborghini Sesto Elemento to anyone who can stop Tobey from entering the race, causing a group of truckers to go after the Mustang as well. Julia retaliates by convincing Monarch of Tobey's innocence, securing his invitation to the De Leon.
In Utah, Tobey and Julia are ambushed by the truckers, forcing them off the road. Benny, a member of Tobey's crew, appears in a military helicopter stolen from the National Guard, and carries the Mustang mid-air to Tobey's crew at the Bonneville Salt Flats, getting himself arrested in the process. Tobey and Julia reach San Francisco's Mark Hopkins Hotel in time to register for the race, but on Nob Hill, a tow truck operated by one of Dino's henchmen smashes into the Mustang, wrecking it and injuring Julia. Desperate to get another car for the race, Tobey meets his ex-girlfriend and Pete's sister, Anita, who is now Dino's fiancée. Having discovered Dino's involvement in Pete's death, Anita gives Tobey the location of Dino's hidden Koenigsegg, which Tobey and crew member Joe extract. Tobey meets Julia at a San Francisco hospital, confessing his feelings for her with a kiss and letting her know that he has a "fast" car, and that this is for Pete.
The next morning, Tobey surprises Dino by not only showing up in the red Koenigsegg he drove when Pete was killed, but also giving him Anita's engagement ring, informing Dino that she is through with him. In the ensuing race along the Pacific Coast Highway, the racers and pursuing California Highway Patrol officers crash one-by-one, leaving Tobey and Dino racing side-by-side. Dino attempts to ram Tobey the same way he killed Pete, but Tobey dodges, causing Dino to crash and flip over. Tobey pulls Dino from the wreckage, punches Dino to avenge Pete, and proceeds to finish the race, after which both men are apprehended by the police, with Dino eventually convicted of the murder of Pete.
178 days later, Tobey is released, and Julia meets him at the prison gates in a 2015 Ford Mustang. The couple drives to a prison in Utah, where Benny is getting released early for good behavior.
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