At 1:06 you can see the name of a street at the intersection (Fannin St.) and a sign pointing to the “Domed Stadium.” Fannin St. is a north-south street in Houston. The red muscle car is traveling on Fannin St., and then takes a left at that intersection. A few seconds later, a Trans Am travels through the same intersection on the east-west street, chasing the red muscle car.
I am curious where this intersection is. One problem is that I do not know the name of the east-west street; I only know the name of the north-south street (Fannin St.).
I looked at major roads that intersected Fannin St. on Google Maps, but none of them look like the movie scene. My best guess is the scene takes place at the intersection of Fannin St. and Old Spanish Trail. If so, I am amazed at how much it has changed.