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70-73 Porsche 911's are not 'Grey Market' cars, and never were. Because they did not need to be modified even in the day to bring into the US by individuals.
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That's not true, at least as far as the used cars of those years that were imported in the 1980's as per the original post. A purchaser could get a one-time exemption from the EPA on emissions equipment, but there was a long NHTSA report that had to be completed showing compliance with all of the US safety standards for the specific model year. Example areas that required modification included:
-Seatbelt warning light/buzzer
-Headlights
-Side impact
-Signal indicators
-Markings on dash, markings for proper tire inflation, etc.
-Brake warning light
Plenty of other stuff I forgot; I'm going from memory having done it on a 73 I purchased in Germany in 1984. I still have the report somewhere.
In practice the quote above is correct- I filed the report and didn't keep any of the modifications in place. There were so many cars coming over at the time that the DOT simply couldn't keep up. As long as your report looked good they approved it without an inspection.