I did think of this. Doing an 1/8 mile in 1.7 seconds would mean doing the 1/4 in ~3.4 (if he slowed down in proportion with the accelaration) therefore if he carried on accelarating to the 1/4 then surely this would have smashed the record And i agree with the guy who mentioned the corner at the end, risky! It looks like Zandvoort in holland to me, i think he is going the opposite way to race cars along the main straight.
Edit: Plus, i'm not sure, but he might even be pulling the parachutes just before the finish line? Hard to make out which line marks the finish but if its the last one then this may be the case.