This game is Taito's response to Sega's OutRun. This game was the forerunner of the Taito Z system on which Taito's driving games were based from 1988-91.
Some billboards in the game advertise other Taito games such as Operation Wolf. Other billboards feature two undercover officers who bear similarity to Sonny Crockett and Ricardo Tubbs from Miami Vice. Coincidentally, that billboard would end up spawning one of Taito's well known hits one year after Top Speed was released known as Chase H.Q.