The Wraith (1986) on Netflix

Packard Walsh and his motorized gang control and terrorize an Arizona desert town where they force drivers to drag-race so they can 'win' their vehicles. After Walsh stabs the decent teenager Jamie Hankins to death for being intimate with a girl whom Walsh wants for himself, the mysterious Jake Kesey arrives, an extremely cool motor-biker with an invincible car. Jake befriends Jamie's girlfriend Keri Johnson, takes Jamie's sweet brother Billy under his wing and manages what Sheriff Loomis can not - the methodical and otherworldly elimination of Packard's criminal gang.