Two car enthusiasts, known only as the Driver and the Mechanic, travel the American Southwest in their primer-gray 1955 Chevy, engaging in drag races to make a living. Their Spartan lifestyle revolves around their car, spending most of their time on the road, occasionally stopping at diners and gas stations. They meet a hitchhiker, a young woman simply referred to as the Girl, who joins them on their unstructured journey. As they move from town to town, they encounter GTO, an older man driving a bright yellow 1970 Pontiac GTO. GTO boasts about his wealth and makes various claims that hint at his insecurities and need for validation.

The Driver and GTO soon find themselves in a cross-country race to Washington, D.C., with their pink slips on the line, meaning the winner takes the other’s car. Along the way, the characters engage in philosophical banter and deal with their individual existential dilemmas, showcasing their distinct approaches to life and freedom. The Driver remains stoic and focused on the race, while the Mechanic is dedicated to perfecting their car. The Girl's presence adds complexity to their journey as her affinity shifts among the trio, further complicating their relationships. As the race progresses, underlying tensions and personal motivations take center stage, adding emotional depth and introspective moments to their shared experience.