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The other definition is false. On the dash does refer to the dashboard of a car, specifically the gauge panel. The number refers to the highest speed on the speedometer.
The Boss - Rick Ross
I've got a Chevy with a 454 in the hood and it's got 125 on the dash.
(Most classic muscle cars displayed a top speed of 125 on the speedometer.)

T.I. - Big Things Poppin'
Think I won’t pull up in something with 200 on the dash.
(High-end supercars, particularly of Italian origin, commonly have the top speed of 200 on the speedometer.)
by suburban white boy June 27, 2008
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refers to the dashboard of a car; an associated number indicates the total amount paid for a vehicle including any modifications made (e.g. the price of the car, rims, stereo, engine upgrade, etc.)
think i wont pull up in somethin' with 200 on the dash....
i've got 125 on the dash...

both instances used so as to say, my car is worth, for example, $200,000 or $125,000 respectively
by b/real March 28, 2008
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