Here's what you have to do for this challenge:

Pass requirement:
Perform a perfect lap in Altima, in A+ class, while reaching a lap time below 38 seconds using the AG Systems Agility ship, without using airbrakes and letting go of the thruster. This means that any slight tap of the airbrake and releasing the thrust button is not allowed. However, barrel rolls are allowed.

Elite Pass requirement:
Do the requirements to pass the challenge, and beat my lap time of 37.41 seconds.

Good luck!