Built for Speed is essentially a compilation of 12 tracks taken from the band's first two British album releases: six from Stray Cats (February 1981) and five from Gonna Ball (November 1981), plus the title track, "Built for Speed", which had not previously been released in the United Kingdom.

It was the most successful record for the band, earning a platinum certification from the Recording Industry Association of America, and with the music videos for songs such as "Rock This Town" and "Stray Cat Strut" reaching MTV regular rotation status.

Reviewing Built for Speed for The Village Voice, music critic Robert Christgau said that, despite Brian Setzer's exotic, modernistic guitar touches, "the mild vocals just ain't rockabilly.

[3] Rolling Stone's David Fricke found Stray Cats' self-production "spiritless" and their original compositions "mostly average", remarking that the band only "gets it dead right" on the tracks produced by Dave Edmunds.

[2] In a retrospective review, Mark Deming of AllMusic wrote that the melodies and playing are strong enough to withstand datedness on what is "song-for-song the group's strongest album, despite the cut-and-paste manner in which it was created".