I don't know the name, but I know the movie. It was made for a 1936 action movie called "Speed", directed by one Edwin Marin and featuring James Stewart as the main character.
Plot summary from IMDb:
"Terry is the chief car tester for Emery Motors and Frank is an Engineer. Jane has just been hired to work in publicity. Frank and Terry both want Jane to be their girl. Terry has designed a new carburetor that should bring him fame and money, but he cannot get it to work correctly. Terry and Gadget have tested it for over a year, but it still is not perfected. Emery Motors assigns Frank to help Terry with the carburetor, but Terry is not happy because Frank is an Engineer and is also vying for Jane. They finish the carburetor, and to test it, they enter a car in the Indianapolis 500 race. Terry is not yet satisfied with the carburetor before the big race even though it has passed all the tests."
This car was in the movie an lsr car with which a 300mph record is broken at Medoc lake in rather unusual circumstances.
"Jane then secretly appeals to company owner Emery, whom no one but Mr. Dean knows is her uncle, and they agree to finance Terry's attempt to break the land-speed record. Some time later, at Medoc dry lake, everyone watches as Terry goes down the track and swerves off after completing the first half of the course. By rules of the contest he must complete the return trip within thirty minutes, which now seems impossible. Frank and the others rush to the car and find that Terry has almost been asphyxiated and urgently needs a doctor. Frank puts Terry back in the car and races back down the length of the course, not stopping until he arrives at the hospital in town. When Terry awakens, he learns that Frank's quick action not only saved his life, but earned the new land-speed record for the car. Terry also learns that Jane is really the heiress to Emery Motors and has been secretly helping him all along. Realizing that Jane and Terry are in love with each other, Frank calls the delighted Jo and suggests that they drive back to Los Angeles together."
