The fastest speeds ever recorded by V8 Supercars in Australia - well in-excess of 300km/h - were officially set by the Smith's Trucks/Lubrimaxx team in South Australia yesterday.

Two of the team's Holden Commodore V8 Supercars driven by team owner Robert Smith and former Australian Rally Championship contender Jamie Sargeant broke the long standing record of 301km/h held by Glenn Seton.

The team set the records while taking part in the annual Dry Lakes Racing Association Speed Week on the remote dry salt lake of Lake Gairdner in outback South Australia.

Smith first broke the record with a speed of 308.10km/h before Sargeant bettered the mark with a blast of 313.03km/h, the speeds officially recorded by the DLRA.

Disappointed in a number of new rules implemented for the beginning of the 2005 V8 Supercar Development Series, Smith decided to take part in Speed Week whilst also electing to skip the opening round of the V8 season at this weekend's Clipsal 500 in Adelaide.

"We were a little disappointed with the new rules for the development series, so we decided to forget the politics, head out to Lake Gairdner for an adventure and put some fun back into our racing," Smith said.

"Depending on how we went, we were either going to look like Donald Campbell or Donald Duck.

"Thankfully, everything went to plan and we've achieved something fairly significant. We can now proudly say that the Smith's Trucks/Lubrimaxx team is Australia's fastest V8 Supercar team."

Sargeant was a little amused at being labelled 'Australia's fastest V8 Supercar driver'.

"It's ironic that I had never driven one of these cars until this week and now I'm the fastest V8 Supercar driver ever," Sargeant laughed.

"Having now done so, I have even more respect for the cars, the competitiveness of the V8 series and the Smith's Trucks/Lubrimaxx team - they've been terrific and it's been a fantastic experience."

A further highlight for Smith was teaching Channel Nine reporter Charles Wooley, who was at Lake Gairdner to record a story for an upcoming 60 Minutes program, how to drive the team's record-breaking Supercar.

"Charles was terrific; he's a great bloke who really enjoyed the adventure. He adapted to the V8 Supercar quickly which really impressed me," Smith said.

Regular Smith's Trucks/Lubrimaxx team driver Lee Holdsworth also completed runs to 280km/h, but wind delays at Lake Gairdner on Wednesday prevented him from going faster and a prior commitment to race Formula Fords in Adelaide this weekend meant he missed yesterday's final runs.