To Surpass, To Pass, To Pull Ahead
transitive verb, godan verb
越す means "to go beyond." 追 is follow. If you are following someone, and then you go beyond them, you have overtaken them. That's why this word means to overtake or to surpass.
The reading comes from 追う and 越す put together into one. You can overtake this word now that you know that.
I always wave my hand to say hi whenever I pass other bikers.