Two things can limit the maximum speed of a wheel-powered vehicle: Power or traction force.
The principal resistance than the engine has to fight is the
aerodynamic drag (##F_d = \frac{1}{2}\rho C_dAv^2##). The power required to fight that force is then ##P = F_d \times v##. So, assuming the engine is at its maximum power ##P_{max}##:
$$v_{max} = \sqrt[3]{\frac{P_{max}}{\frac{1}{2}\rho C_dA}}$$
But no matter how much power you have, the wheels must be able to transmit the force to the ground (i.e. the wheels must not spin). So the drag force cannot be higher than the
friction force available at the wheels (##\mu N_r##, where ##N_r## is the normal force acting on the rear wheels, for the case of a rear wheel drive). Based on this, the maximum speed is:
$$v_{max} = \sqrt{\frac{\mu N_r}{\frac{1}{2}\rho C_dA}}$$
And ##N_r## can be found with (considering weight transfer):
$$N_r = \frac{W_r/W}{1- \mu\frac{h}{L}}mg$$
Where ##W_r/W## is the portion of the vehicle's weight resting on the rear wheels, ##h## is the height of the center of gravity, and ##L## is the vehicle's wheelbase.
For more details - and more complete equations - see
this page and
this one.
