The storyline was too preposterous. It's been many many years since I saw it...so let's see if my recap is correct....
Axle plans on going fishing with Ronny Cox (even though Cox hated him in the first one)....Cox is attacked because he is on the trail of the "Alphabet Criminals" (pretty dumb master criminals since he apparently figures out who they are after only 2 jobs)....Cox's daughter (where the hell did she show up from?) calls her good pal Axle to tell him the news (like I said, they originaly didn't like each other, and there had been no mention of a daughter)......then you have things like the Beverly Hills Police Chief cursing and shouting and bullying everyone (yeah, I can see the people of Beverly Hills hiring that guy).....and it just goes on and on.
It was a B movie....lots of shooting, crashes, explosions,scantily clad women, cool music.....but no substance. It was fine for a Saturday night out with friends....but not much more.
That's all my opinion of course....