The first peak (Blue) represents the car going past the first reed switch at the start of the 1 metre straight, the second peak (Red) represents the car passing the second reed switch.
From the above screen capture in PicoScope it is possible to calculate the speed of the Scalextric car using the following equation:
Velocity = Distance / Time
The car took 0.633 seconds to travel 1.0 metres so its velocity is 1.58 meters per second. Although this is fairly slow for a car (approx 6 km/h or 3.5 mph) it should be remebered that this is a scale model. Had the car been full size, the speed would have been around 100 mph / 160 km/h.