Are you using an analog pedal (potentimeter) or a digital pedal (switch) ?
There were also ones that used optical encoders, but they're rare.
The game originally had analog pedals where the speed was determined by how far you pressed the pedal.
If you are just using a button or pedal with a simple switch....
In MAME's in game menu (TAB), under "Analog Controls"
Digital Speed affects how fast the "virtual" pedal is depressed when you press the button.
Autocenter Speed affect how fast the "virtual" pedal goes back when you release the button.
This virtual pedal is always increasing, at maximum, decreasing, or at minimum.
There is no way to keep it partially depressed.
The best you can do is tap your button to keep it hovering in the desired range.
Tap it faster to keep the pedal down further. Tap it slower to keep it depressed not as far.
Decreasing the Autocenter Speed results in not having to tap it as fast, but the car won't slow down as fast when you let off the button completely.
I hope that makes sense. I don't know a better way to explain it. These are vastly underutilized features of MAME that most people don't mess with.
They are necessary in games like Pole Position though. If you squeal the tires taking off, you lose time. If using a button as the gas pedal, digital speed needs reduced to the point that the tires don't squeal.
EDIT: I assume your "traditional gas pedal" was analog. (potentiometer with proper interface) There is a setting under analog controls for the sensitivity. DO NOT MAP it to PEDAL INC. That makes it behave as an on/off switch. See the driving cab info thread stickied in the driving cab subforum for a more complete explanation.