The Hollywood Knights (1980)
The Hollywood Knights (1980) is an American motion picture comedy written and directed by Floyd Mutrux depicting the crass and mischievous antics and practical jokes of the remaining members of a 1950s-era car club turned social fraternity in and around Beverly Hills and Hollywood in 1965. The cast, led by Robert Wuhl as the fraternity's charismatic leader Newbomb Turk, features Tony Danza and a young Michelle Pfeiffer as high school sweethearts as well as Fran Drescher and Stuart Pankin in supporting roles.
More at Wikipedia.