Some thoughts on the topic...
For starters, that 140hp car is not making 140hp at the wheels because of friction losses in the drivetrain. Figure about 20% lost right there, so 140hp becomes 112hp. How this compares to the loss from crank to thrust in an ungeared airplane powerplant I don't know, though I did at one time.
The 140hp car weighs more than even the MTOW of a typical light airplane, too (at least with modern cars, as even a total lightweight like the Toyota Echo rings in at 2200lbs, a Focus Hatchback weighs over 2500lbs)... Though vehicle weight is more detrimental to acceleration and fuel economy, not top speed, at least not within normal weights (in cars. airplanes are obviously different).
The gearing of that 140hp car is probably not ideal for top speed runs, either. The engineers likely geared it for economy at normal highway speeds.
I'm no engineer, but I have to imagine that the induced drag on a typical light aeroplane is pretty significant, though compared to the drag of the tires for a car, I can't really compare without descending into uninformed speculation. As for parasite drag, I'd like to see how a light single compares to a slippery street car. I'd think it's fair to say that the total frontal area of a Corolla is greater than that of a 172, but that's a guess.
I'll stick with the assumption that the TOTAL drag of a car is greater than that of an airplane, and that's where the big difference is.
A better question, and one easily answered but not as easily understood in a modern context, is why that 140hp airplane needs 320cid to make that power (at approx 8gph at normal cruise), while the car can do it with 90cid (at 2gph at normal cruise).
