Race car running from jet fighter plane

Actors Burgess Meredith and Sylvester Stallone. Help recall the name of this movie. I recall this movie maybe 1970-1980 range. I think it was a red open wheel Indy type race car that Sylvester was driving on public desert roads out running a jet fighter aero plane. I think Burgess Meredith was either helping him run or maybe the fighter plane pilot. I was a small child and this is about all I can recall. I have always wanted to see the movie in full. I hope you can help me find this movie. Thanks