Ok this one will be hard.  It has been elluding an answer for over 30 years.  Here are some main story plot points.

Young street racer seeks out legendary old retired street racer to race so he can say he beat the best.

The old racer may actually be a highway patrol officer.

Old racer refuses….young guy kidnapped his daughter to make him do it or he’ll kill her.

Fast forward to montage where old racer goes to the garage and uncovers a late 50s era street racing machine.

The Dad or his car is called the ghost or the spectre (this movie IS NOT  “The wraith” or “Vankshing Point”) or something along those lines.  Not real sure on this point after 30 years but it still feels right to say.

The Dad agrees and the race is set to take place on a long road or runway.

There is heavy equipment at the end of the “track”  Bulldozer, earth mover , front end loaders and the like.

The kid crashes into these at the end and explodes and the Dad gets the win save his daughter.

30 years folk’s…save me on this one please lol.