There is a rear wheel speed sensor that's for programmable VDO electronic speedometers. It clamps to the left axle spacer and uses the pulley bolts as the puse provider. $89.00 in C.C.I catalog that your local indy shop should be able to order. you will have to get an electronic speedo to go in that hole that will be compatible with the VDO speed sensor signal.
Sounds like a bad speedometer sensor. Usually located on the transmission. The only way to fix the speedometer is to replace the sensor.
The Variable Speed Sensor (VSS) has failed. You will have to get it replaced. Both are driven by an electrical signal sent to the cars computer by the VSS, and converted to SPEED, and DISTANCE driven.
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