Cut corners with oil prepared in device for speedy vehicles (6,7)

I believe the answer is:

cruise control

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'device for speedy vehicles' is the definition.
I can't judge whether this defines the answer.

'cut corners with oil prepared' is the wordplay.
'with' says to put letters next to each other.
'prepared' indicates an anagram.
'cut'+'corners'='cutcorners'
'cutcorners' put after 'oil' is 'oilcutcorners'.
'oilcutcorners' is an anagram of 'CRUISE CONTROL'.

'in' is the link.

Can you help me to learn more?

(Other definitions for cruise control that I've seen before include "Device for keeping car to a set speed" , "Mechanism used by drivers - councils to err (anag)" , "Car speed regulator" .)

I've seen this clue in The Independent.

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