A motorized pallet truck includes an angular indicator on the steering arm mechanism providing an internal controller with an angular position of the steering arm or tiller. The controller applies a brake when the tiller is in either of a substantially vertical or substantially horizontal position, limits the speed of the truck for a predetermined rotational movement from the vertical position, and allows full speed of the vehicle when the tiller arm is pulled into a predefined fast driving arc. The controller further limits the rate of acceleration of the truck when the truck is transitioned between a slow and a fast mode of operation to prevent rapid acceleration in the speed of the truck during the transition.