"Lap times" refers to the amount of time it takes for someone, like a race car driver, to complete one full lap around a track or circuit. It is used to measure their speed and performance during a race or practice session. Full definition
With eight tracks based on four worlds, players will take on nine racers as they look to score the fastest lap times in online leaderboards. (nintendo-insider.com)
The most extreme «dynamic» mode, on the other hand, will apparently adopt settings used in F1 to achieve the best possible lap times in qualifying. (evo.co.uk)
Maximum cornering speeds are increased; even faster lap times on racing circuits are possible. (ausmotive.com)