The correct statement is:
The vehicles have the same speed, but different velocity.
Speed is a scalar quantity that only considers how fast an object is moving, while velocity is a vector quantity that takes into account both the speed and the direction of motion. In this case, both the motorcycle and the car are traveling at 40 miles per hour, so they have the same speed, but since they are moving in opposite directions (one north and the other south), they have different velocities.