After winning a practice race, Speed Racer is offered a driver position on the factory racing team owned by the company who employs his father, Pops Racer. Speed declines the offer because Pops is opposed to him becoming a professional driver. Meanwhile, Pops resigns his engineering job with the factory after an argument with chief engineer Mr. Van Ruffle during a board meeting where the board rejects his plans for improving the Mach 5. While Speed drives Pops home, a gang of thugs on racing bikes snatch Pop's briefcase with the plans. Speed jumps from bike to bike trying to get the plans back, but fails...