That was the wide track Pontiac, and it referred to the "track" of the car, the distance between the tires on each axle. I forget now if it's the measurement from tire centerline to centerline or between the outside faces, but it has nothing to do with bikes in any case.
As a couple of other posts have noted, whether wide tires are better on a bike depends on what you want to do. Narrow and smooth 1.25 or 1.4 tires at 85-100psi will give you low rolling resistance, reduced drag and higher speeds, but the ride will be harsh. Wide, soft 1.95s or 2.2s at 40 psi will grip like crazy in dirt and cushion the ride, but they'll be tough to pedal on pavement. Others split the difference--one of my old mountain bikes is a commuter now, and I use Ritchie Cross Bites in 1.4. They're really good on pavement, but if I let the air down to 50 psi I can ride them on fire trails. Just depends on what you want to do.