... transport that's highly regarded by guy motoring organisation retired (5,3)
I believe the answer is:
cable car
'transport that's highly regarded' is the definition.
'by guy motoring organisation retired' is the wordplay.
'by' is a charade indicator (letters next to each other).
'guy' becomes 'cable' (I've seen this in other clues**).
'motoring organisation' becomes 'rac'.
'retired' shows that the letters should be reversed in order.
'rac' in reverse letter order is 'car'.
'cable' put next to 'car' is 'CABLE-CAR'.
(Other definitions for cable car that I've seen before include "Skier's transport" , "Conveyance for passengers to mountain top" , "One travelling up" , "Suspended transport system" , "Transport used to go up mountain" .)