Plot Summary
Randall "Memphis" Raines (Nicolas Cage) was the most accomplished car thief, in Long Beach, California. Six years ago his mother told him to leave town, his life, the city and his girlfriend, Sara "Sway" Wayland, (Angelina Jolie) in order to prevent his brother from following in his footsteps. Car theft in Long Beach declined by 47% in his absence.
Kip Raines (Giovanni Ribisi) is the younger brother of Memphis. He looked up to his brother and his skill and dreamed of becoming a car thief. While Memphis is away, he makes new connections and becomes the leader of a small yet high profile car theft group. They are recruited for an ambitious job and on the way back to the shop after stealing a Porsche, Kipp blows his cover in a street race with another car. Police spot him speeding whilst they are making an (unrelated) arrest and trail him back to their warehouse hideout, which the car thieves abandon seconds before the police arrive.
Now a car mechanic who runs a kiddy go-cart track, reformed Memphis is visited by Atlee, an old friend with bad news. Atlee reveals that Kip has botched the big job for new guy, high end stolen-car broker, Raymond Calitri (Christopher Eccleston), a vicious British kingpin and amateur fine furniture builder, nicknamed "The Carpenter". Memphis speaks with Calitri and tries to negotiate, paying back the $10,000 advance given to Kip for the job. Calitri is insulted and throws the money back at Raines and demands that he complete the $200,000.00, 50 car assignment from a South American client or Kipp would be hunted down and killed. He reveals a coffin that he has built just for Kip.
Memphis agrees at gunpoint while his brother is being crushed in a Firebird before his very eyes. "Eight AM Friday morning the cars are on the boat or your brother's in the coffin" He then begins contacting his old partners, who have all either changed career paths to respectable jobs in society or are dead, which included Sway. Detective Roland Castlebeck, who had made a career of trying to catch Memphis in the act, takes notice of his recent arrival in town and monitors his activity closely with his partner Drycoff. Castlebeck and Drycoff are intent on busting Memphis this time, "You make one slip and I will put you away for good". As Memphis reunites with old friends, he also has to avoid bitter rivals from the past such as Johnny B (Master P), who wants to kill him for taking the big job that he says should have gone to him. He later gets Johnny and his gang arrested getting him out of the way.
After teaming up with Kip's crew, and overcoming a few set backs such as a tip off on the Mercedes, a dog eating some keys, one of the young crew getting shot, a large snake, and a car jacking of a drug dealer's car (a car wasn't even on the list to be stolen), Memphis and his gang succeed in stealing 49 of the 50 cars and placing them in the ships containers, leaving him with only one car left to steal himself - codenamed Eleanor, a 1967 Shelby Mustang GT 500. The Shelby Mustang GT 500, which is "Memphis's Unicorn" is a car that Memphis historically had a rough history with as it almost had him killed several times in his lifetime.
While nervously stealing Eleanor, Memphis is ambushed by Castlebeck as he had earlier discovered the original list in Kip's shop and knew Memphis would save the only Eleanor in the area, for last. Memphis succeeds in delivering the last despite Castlebacks high speed pursuit ending in a spectacular jump, but he is late and has damaged it in the chase. Calitri not being pleased, orders Memphis killed and the car shredded.
About to be executed in his brothers place by Calitri's goons, Memphis is saved by Kip and Atlee. Memphis then goes after Calitri while the police are still after him. The tables are turned and Memphis is forced to retreat and hide. Then while hunting Memphis, Calitri spots Castlebeck and is about to kill him. Memphis spots them and chooses to save Castlebeck and sends Calitri plummeting to his death off a catwalk and crashing through his office glass ceiling, and on to the coffin he built for Kip. Castlebeck then realizes Memphis took on the dangerous mission in order to save his brother and had just saved his own life, so he lets Memphis go. Before leaving, Memphis informs Castlebeck of the location of the container ship loaded with the stolen cars.
The next day Memphis celebrates with his friends and Sway at the garage. Kip brings his brother a gift to thank him - the keys to an Eleanor which he bought and had been fixing after it was damaged by the cranes. The sentimental bond between the brothers is emphasized here in that Kip made a sacrifice by selling his motorbike so he could buy the car for his brother instead of stealing it. The proud and excited Memphis drives off with Sway and true to his history with Eleanor, she stalls shortly after leaving the garage. Screen goes to black and Memphis is heard sweet talking Eleanor while the engine is turning over with no response.