Not in the rest of the world they don't.
PO = 破 = rubbish, RS = 二手 (er shou) = second hand, CHE = 车 = vehicle
Here's one instance of it: https://www.youtube.com/watch?v=_x9HlIVCsyg
https://archive.org/details/king-of-the-hill13seasons/King+o...
My favorite will always be Toyota: Take Off Your Oversized Tires, Asshole.