What is the meaning of velocity?

Answer 1

More accurately, velocity is a change in an object's position in a specified direction with time.

So while you'd say in every day language that the car has a speed of 60 miles per hour, in physics you'd say the car's velocity is 60 miles per hour North/South/East/West.

Answer 2

Velocity is a vector quantity that describes the rate at which an object changes its position. It includes both the speed of the object and the direction in which it is moving. Mathematically, velocity is the derivative of an object's position with respect to time.