Racing, spirited and smart (7)
I believe the answer is:
dashing
I believe this clue is a triple definition!
'racing' is the first definition.
(dashing is a kind of racing)
'spirited' is the second definition.
(similar in meaning)
'and' acts as a link.
'smart' is the third definition.
(thesaurus)
(Other definitions for dashing that I've seen before include "Swashbuckling" , "Making haste" , "Stylish, adventurous" , "(Of male) stylish, spirited" , "Game" .)