Eric, it's average speed. Distance divided by time (from green to checkers).
Here's the official run down for the '07 Daytona 500:
Track Length: 2.5 miles
Laps: 200
Average Speed: 149.335 m.p.h.
Time of Race: 3 hour, 22 minutes, 54 seconds
Margin of Victory: 0.020 seconds
Caution Flags: 6 for 24 laps
Lead Changes: 13 among 9 drivers
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