There are many street races in the Initial D Series. This OAV has no plot other than to collect all the street races into one stage. The dialog during the original races is left in.

This is simply the OAV summing up the major events and battles of "Initial D 4th Stage" much like the "Initial D Battle Stage" original summed up the first 3 seasons. Additionally, has 2 extra battles from the manga that were not incorporated into the original 4th Stage.
 
(Source: Anime News Network)

High school student Takumi Fujiwara works as a gas station attendant during the day and a delivery boy for his father's tofu shop early in the morning. Little does he know that his precise driving skills and his father's modified Toyota Sprinter AE86 Trueno make him the best amateur road racer on Mt. Akina's highway. Because of this, racing groups from all over the Gunma prefecture issue challenges to Takumi to see if he really has what it takes to be a road legend. 
(Source: Anime News Network)

Following his victory over RedSuns leader Ryosuke Takahashi, AE86 driver Takumi Fujiwara is challenged by the Lancer EVO-based "Emperor," a group known for taking decals of racing teams they defeat, cutting them up and placing them on their cars like a fighter plane kill board. Takumi's undefeated streak is on the line as his AE86 is virtually no match against the more powerful and more agile four-wheel-drive EVOs of the Emperor team. 
(Source: Anime News Network)

Takumi is approached by RedSuns leader Ryosuke Takahashi and offered to join him in forming a professional racing team. Before coming up with an answer to the proposal, Takumi seeks retribution by issuing a rematch to Emperor leader Kyouichi Sudou, who previously defeated him due to an engine failure. He is also challenged by Kai Kogashiwa, a second-generation street racer whose father was once a fierce rival of Takumi's father Bunta.

Only the fearless survive in the white-hot world of street racing, as teams take on dangerous roads in the shadow of Mt. Akina. Behind the wheel of the mysterious "Ghost of Akina" is Takumi, on his way to becoming the greatest racer ever.
 
(Source: TOKYOPOP)
 
Note: the chapter count includes six extra chapters published in volumes 2, 3, 30, 33, 39 and 48.

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