It is a scaled speed. You take track length and divide by your time, which gives you feet/sec. Then divide by 5280 to convert feet to miles. Then multiply by 3600 to convert seconds to hours. Finally, there is a car scale factor in the race software. It defaults to something like 25 to 1.
So, on a 42 ft track and a 3 second finish time and 25:1 scale, you get 238.63 mph.
For your race, the actual race distance could be less than 42 ft because start and finish are set in from ends.
Assuming 2 feet shorter: (40 ft/2.973 sec)*(3600/5280)*25 = 229.336 mph....BINGO!