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In conclusion, speed and velocity are kinematic quantities that have distinctly different definitions. Speed, being a scalar quantity, is the rate at which an object covers distance. The average speed is the distance (a scalar quantity) per time ratio. Speed is ignorant of direction. On the other hand, velocity is a vector quantity; it is direction-aware. Velocity is the rate at which the position changes. The average velocity is the displacement or position change (a vector quantity) per time ratio.
Velocity is the rate of motion in a specific direction. I'm going that-a-way at 30 kilometers per hour. My velocity is 30 kilometers per hour that-a-way. Average speed is described as a measure of distance divided by time. Velocity can be constant, or it can change (acceleration). Speed with a direction is velocity.