I'm not as harsh as many other owners here as far as what I'd do. I know as a kid I got many tickets of that nature. It's unfortunately the nature of both the age and the car. Personally I think I'd ldo a few things.
1 - Insist on a Driver's ed type program. But not like most. A racing school / auto-x type program. Personally I learned more about what I CAN'T do from racing then what I can do. I know that my car as a specific limit to it's abilities, and it's not that hard to reach.
2 - I'd have set consequences for tickets. Specially ones that require manditory "points", etc, which it sounds like this one will. 30 days w/o the car would be my first offence. 60 days the next, and so on.
3 - I also tend to agree with putting a GPS signal in the car to record speeds. But don't over use it. You know he;s going to speed, but if you see 120+ mph on a side street. I would go to number 2. Driving suspension increments.
In all reality it's hard to discipline a kid, no matter what anyone says. I have an 18 yr old daughter and 6 yr old son. You want to do the best for them and give them what they want, but there is a fine line. If you're to ******* restriction kids tend to rebel by getting what you took from them and being far WORSE with it. Sort of the "I'll show him " attitude, which can be FAR worse then you getting them the knowledge and skills. Racing driving schools I think are VERY important, so they learn their own limits. Learn how much you CAN'T control a car at 100+ on a track with no walls and spin into the dirt, because you more then likely won't survive learning it on the streets.
They have to learn to respect what they have. In general I may give them the car, but they have to pay for insurance on their own. Which is not cheap. So they at least have to have some kind of responsibility to their own property. You only value what you pay for something. If something has no cost it's much harder to value it.
After readingin everyone's harsh postings, I am amazed that other Viper guys DIDN'T drive fast and reckless when they were "kids". I'm not saying it's right, but even in a Monza you can do 100mph. It's better to learn the skills then to try and deny the driver permenantly. It simply won't happen. They will get behind the wheel of another car in no time.