Sounds dodgy! Are M3s easy to nick/get started? I know some cars have top immobilisers as standard which makes them hard to steal quickly.
Its 1994 technology, it bet it would be away in a flash. Plus things like mirrors and bumpers, chavs love that sort of stuff. Being bright red it doesn't seem to blend in at all (ill have to get some pics up, I think its wonderful, but I could be biased!)
Vince, you have your car back on the road now? There was a 966 I used to see about which I thought was yours. I think this calls for ganglandesq OCUK hand motions at passing cars if you think the may be from the board