Dilemma - my 16-year old

[sn95gt19]

im not a father, i am actually only 21 but i was in the same boat as him, i lost my license from 17-20 i acquired over 30 tickets between the age of 16-17 i bought my first car 67 fastback w/306 went 13.0's(at the time that was REALLY fast) and all hell broke loose, my dad didnt give a shiI what i did, as long as he didnt have to spend any money to get me out of trouble, i have been street racing since the age of 16, there are two drag strips-us41 and one in wisconsin that me and my friends frequent now they have "street car chaos" and "real street drags" they keep the track open until 3:00am and after 12:00 its legal street racing at the track, you can spot people out, go off a flag or light, its really a great program that has worked in my case, i no longer race on the street. (i do go to watch sometimes though) im probably not making sense here!
basically i would take the plates off the car, and build a strictly strip car, i would not let him drive it on the street until you think that he is mature enough to obey the rules, i wouldnt sell the car, than your punishing yourself for something that he did.
also i was charged for wreckless driving in illinois, speeding 60, passing on a median, in a construction zone, with 3 people in the bed of my 95 lightning, i got 20 hours community service for that and it didnt go on my record. if he has no previous record and you go to court with him, i think he should be ok and not lose his license
hopefully he is nothing like me and he will learn his lesson from this, it took me 30 tickets, thousands of dollars, and three years without a license to learn my lesson. but i guess all that matters is that i did learn my lesson.
hopefully this will be the only idiotic thing that he will do, and maybe its a good thing that he got caught so early in the game, before he actually had time to create a lifestyle for himself.