If the track has circumference c miles, then and the car's speeds are x and y mi/s, then since time = distance/speed,
In the same direction, the slow car has a "lead" of 1 mile which the faster car has to make up.
1/(y-x) = 120
1/(x+y) = 30
120(y-x) = 30(x+y)
120y-120x = 30x+30y
90y = 150x
y = 5/3 x
1/(x + 5/3 x) = 30
8/3 x * 30 = 1
80x = 1
x = 1/80 mi/sec = 45 mph
y = 75 mph