A taxi driver was hypnotized by a swami who enjoyed building race cars. The swami's best race car, the Silver Streak, seemed to be targeted by someone or something, for every time someone drove it, they were attacked and killed by a giant insect. The taxi driver was attacked and killed, but the swami brought him back to life and put him behind the wheel of the Silver Streak to find the bad guy. Then he became a costumed hero with a "secret fluid" in his blood which allowed him to defy gravity. One peculiar trait - Silver Streak's powers can be transferred to others through blood transfusions. That is how both his sidekick, Meteor/Mercury, and his pet falcon, Whiz, received their powers.
He battled the likes of the Green Dragon and many other foes during his superhero career. Silver Streak wore special "suction shoes", which allowed him to reach greater speeds as well as the ability to run up walls. He was based in New York city.