Yes. It comes in the form of a license for you to display to others online. It will rank you from a D license to an S license depending on how much experience points you've earned along the way. You can decorate it with stickers you've earned throughout the game. You earn stickers for completing events in World Tour, unlocking achievements, and performing certain tasks during a race. Leveling up your racer will also allow you to mod your vehicle. The entire online experience is definetely more robust compared to the first game.
If you've played Split/Second, it's got the same general idea.
http://backloggery.com/SetnaroX "Proper sound shatters glass. Proper sound shatters the Universe."