If in free fall together, the bicyle might reach the ground sooner because of its relatively less wind resistance. In a vacuum, they would both reach bottom at the same time, according to the apocryphal tale of Galileo Galilei and the Tower of Pisa. I find it hard to presume that the car would reach a higher speed than the bike. The likely average weight for a U.S. car is about 4,000 pounds. Most bicycles weigh less than 40 pounds. The rolling resistance at the start should be much less for the bicycle.