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It reads Shift Lock Release. When the car is in park you can only select another gear with engine running and foot on brake. This button allows you to shift in other cases. Either if your gearbox doesn't 'read' the car is running or brake is on through a fault or if you want to move the lever while car is off (installing a stereo).

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Q: What does red button near auto gear stick on 1992 Japanese import Toyota Celica do?
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