Gibbo...
I hadn't seen this car before, and when you had "Phaeton" in the subject line, I, naturally, assumed that it was a convertible:
From our old Uncle Webster:
"Noun 1. phaeton - large open car seating four with folding top"
The blue lights are "mood" lighting...
I'm guessing that G is right, the blue lights are the spots. I looked closer, and the knob is for the sunroof (closed @ 6:00, back tipped up @ 3:00, and open at 12:00