In the near future, the world is falling apart. A disillusioned highway cop turns vigilante when his young family are slaughtered by a motor cycle gang who refuses to recognise the law.

I like your adjustments, and you are right, except i'm not sure about the "futuristic motorcycle gang". To me that implies the gang rather than the film is set in the future.

And it spawned 2 sequels. And the franchise has been rebooted: "Mad Max: Fury Road" is scheduled to be released in 2015.

And it spawned 2 sequels. And the franchise has been rebooted: "Mad Max: Fury Road" is scheduled to be released in 2015.

Well it made over $100 million at the box office, so you could say it probably did get read

And disillusioned. How is this a classic, when i doubt it even got read?

Make sure to use correct grammar and spelling when you actually submit this to anyone. (I assume you meant "cop" and "vigilante" also young family IS slaughtered) You could leave out that first sentence, and incorporate it into the second. As society falls apart, a disolutioned cop turns vigilante to seek revenge on the futuristic motorcycle gang that slaughtered his family.