Officers said Tuesday they confiscated a fluorescent green car from across the river in New Jersey.
Investigators say that same car was seen drifting and doing donuts at Broad Street and Washington Avenue over the weekend.
Packs of people rooting on the driver stood dangerously close to the car, which blocked at least one vehicle in the busy intersection.
Police have not said if the driver is under arrest.
But they are pledging to "hold participants accountable."
Catherine Lawrence of Fairmount woke to screeching in the early hours of Saturday morning. You can see tire marks where cars were doing donuts at Pennsylvania Avenue and Spring Garden.
"You could smell the burning rubber, and they were not only doing donuts here, they were throwing firecrackers in the air," Lawrence described.
Action News covered past car meets at this intersection. Neighbors say it doesn't stop.
"Usually the cops don't even come, to be honest, so we kind of just get used to it. But I guess they're cracking down on it more, which is probably a good thing," said Nicole Nitowski of Fairmount.
Legislation has now been signed into law in Philadelphia, cracking down on illegal street racing and activities like drifting and donuts. Violators are subject to a $2,000 fine or the seizure of the vehicle.
Under the new law, seized vehicles will be stored by police. If forfeiture is eventually granted, police have the authority to dispose of the car.