To stop blowing highlights, you have to underexpose. I tried to use the recovery tool to recover detail in the highlights, but there is no detail at all in those highlights. This is a huge dynamic range. You would probably have to underexpose by 2 or 3 stops. If I were trying to shoot this, I would either
1. Position me or the car so that the bright highlights were not there, for example, shoot from higher up or shoot the other direction. or
2. Underexpose until no more blinkies in the highlight area and use a fill flash to light up the car, or
3. Shoot three or more images at varying exposures to get the highlights exposed correctly, the car exposed correctly and the shadows exposed correctly and then either hand blend them together using Photoshop or blend with Photomatix.
But, while I had the image in Photoshop, I thought I'd play. Hope you don't mind. I just found this
Gavin Hoey Out of Bounds tutorial and your photo looked like a perfect one to play with. Obviously I didn't spend a lot of time with the selections since it is only low res, but I had fun.
I'll pull it down if you don't like it. Just let me know.