While driving the vehicle the brake hold system was activated at a red light. While proceeding through the light within (about) 5 minutes the vehicle indicated a brake hold malfunction. An odor of smoke was also present, at that point I turned off the vehicle and inspected the origin; the trunk. Upon opening the trunk the right side had a sizeable fire growing towards my assets. Police did arrive on scene, an adjuster has examined the damages, however this has not seemed to be replicated. I believe the risks associated with this incident are quite evident. There was no collision.