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