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Set a high value on speedometer pro arrogantly disregards (8)

Ross

I believe the answer is:

esteemed

I'm a little stuck... Click here to teach me more about this clue!

'speedometer pro arrogantly disregards' is the definition.
I can't judge whether this definition defines the answer.

'set a high value on' is the wordplay.
'set a high' becomes 'ed' (I am not sure about this - if you are sure you should give a lot more credence to this answer).
'value' becomes 'esteem' (synonyms).
'on' means one lot of letters go next to another.
'ed' put after 'esteem' is 'ESTEEMED'.

Can you help me to learn more?

(Other definitions for esteemed that I've seen before include "Well-regarded" , "Highly admired" , "Had great respect for" , "Highly thought of, respected" , "Highly regarded" .)

I've seen this clue in The Irish Times.
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