Speed Demon. Just look at the plot outline from IMDB :
"A mysterious driver in a muscle car with a demonic hood ornament hunts down a gang that has taken over a small town."
This one is so bad and cheesy that it was funny as hell. Watched it with a couple of friends a couple of months ago (we usually try to rent at lease one atrocious movie to make fun of). Plus the ritual scenes where racers invoke the spirit of the Speed Demon while nearly neaked was so unintentionnaly homoerotic that we couldn't help but laugh our asses off seing them!!
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