My son loves Grease and watches it over and over.
So I am starting memorizing it all, but there are some phrases I don't understand.
Please explain exactly what this part means (it is before the car race between Danny and Leo - Scorpion's leader):
Leo: Good, 'cos we're racing for pinks.
Leo: Pinks, you punk! Pink slips! Ownership papers!
Danny: Oh, ho, ho, ho, ho, ho!