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It is called a splash shield. It helps keep the bottom end clean and protected from road junk. It you notice you compressor for the AC is located at the lower
front point of the engine on the drivers side. Unless you have $700 laying around burning a hole in your pocket I would keep the compressor clean and protected. It also improves and directs the airflow through the radiator, intercooler, and condensor. Someone said a while ago on this board that it was for protection from deep snow grabbing and pulling the belts off the pullys. I other words fix it and keep it on the car.
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