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A racing team run by Pat Kazarian starts out with two drivers, Mike Marsh and Jim Loomis, but a crash at Daytona results in Jim's death. His girlfriend Holly McGregor arrives too late for the race and feels guilty for not being there.

A young driver, Ned Arp, joins the team and also makes a play for Kazarian's sister, Julie. A third driver, Dan McCall, arrives from France and brings along girlfriend Gabrielle Queneau, but soon he develops a romantic interest in Holly.

Arp is seriously hurt in a crash, losing a hand. Mike, meanwhile, doesn't care for Dan's ways with women and tries to run him off the track in a race, but Dan survives. He and Holly end up together, but Mike is consoled by Gabrielle.

The movie is distinguished by the appearance of a 1965 Shelby GT-350 racing on the track, and one of the characters drives a Cobra Daytona Coupe as his street car. For Shelby enthusiasts, this is one of the few movies they appeared in. The car used in the movie is chassis no. CSX2287, the first of the six coupes built. In real life this car competed in seven FIA races in 1964 (Daytona, Sebring, Spa, LeMans, Reims, Goodwood, Tour de France) and one race in 1965 (LeMans), and scored the Daytona Coupe's first GT Class victory at Sebring 1964. In November 1965, this car set 23 national and international speed records at the Bonneville Salt Flats. Shelby American sold the prototype coupe to Jim Russell of the American Russkit model company.

Dan survives a dangerous race after Mike tries to run him off the track; Dan and Holly end up together, while Mike is consoled by Gabrielle.

The film's ending sees romantic and professional rivalries resolved as Dan's survival cements his place both on the team and with Holly. Mike, initially driven by jealousy, finds solace in Gabrielle, suggesting that even amid loss and competition, new bonds can form. The conclusion underscores the film’s themes of risk, resilience, and shifting loyalties in the high-speed world of racing.