Well here is the way it went as I remember it.
Gary had infact Sold the Cobra to Kristen, and she had taken possession of the car.
At the Event Kristen actually Sold the car back to gary for $1.00, with a bill of sale. The transactions was legal and binding. Therefore Gary did in fact own a Cobra at the Austin Event that weekend and Kristen no longer owned the car.
After the great weekend Gary Sold the Car back to Kristen.