The Wraith (1986)

http://www.imdb.com/title/tt0092240/

Packard Walsh and his motorized gang lord and terrorize an Arizona desert town, where they force boys to drag-race so they can 'win' their vehicles. After they beat the decent teenager Jamie Hankins to death, dragging him from his girlfriend while they made love, a mysterious power creates Jake Kesey, an extremely cool motor-biker, who has a car which makes invincible. Jake befriends Jamie's girlfriend Keri Johnson, takes Jamie's sweet brother Bill under his wing and manages what sheriff Loomis couldn't: eliminate Packard's criminal gang the hard way...
please seed.