The phrase implies moving quickly, suitable for discussing travel or task completion. She made good time finishing the project; it was due in a week.
Pro Tip 2/3
Positive Note
Using 'make good time' usually suggests a positive outcome, meaning fewer delays than expected. With all green lights, we made good time to the airport.
Pro Tip 3/3
Idiomatic Usage
It's an idiomatic expression, not intended to be understood by each word literally. Despite the heavy traffic, we made surprisingly good time.