There are a number of films that would match that, but this is one that gets asked about a lot:
The Wraith (1986) starring Charlie Sheen, Nick Cassavetes, Sherilyn Fenn, Randy Quaid, Clint Howard, Griffin O'Neal, Chris Nash
IMDb synopsis: A small desert town has been harassed for months by a gang of drag racers, but so far no one has done anything to stop them. One day, a ghostly black car shows up, challenging members of the group to race, then killing them one by one. Neither the gang nor the police can catch the car or its driver, but some investigating into the gang's past may reveal just who's behind all this. http://www.imdb.com/title/tt0092240/
