You remember Buster Poindexter, right?
After the New York Dolls (whose immeasurable influence is matched by its dismal record sales) imploded, David Johansen made a couple of solo albums and decided, partially as a goof, to record party tunes and novelty songs under the name "Buster Poindexter." And then came "Hot Hot Hot" (which Johansen later would describe as the "bane of my existence"). You couldn't escape from this song in the late 80s (back when MTV still played music) and with a kick-ass horn section and backing vocals from future Mrs. Springsteen Patty Scialfa, why would you want to?
Recently, thanks to the fantastic I Heart Icelandic Music blog, I discovered the Icelandic equivalent of Buster Poindexter: Bogomil Font. Font is better known as Siggi Baldursson, the drummer for Bjork's band the Sugarcubes. In the early 1990s, perhaps partially as a goof, Siggi started performing songs that featured world beats and a horn section. (He then moved to the U.S. while his wife went to grad school.) Bogomil Font and the Millionaires were back in Iceland (in the Westfjords, no less) recently and here's a live version of "Eat Your Car."
I have no idea what the verses mean, but apparently the economy is so bad in Iceland that even millionaires are eating cars...