Yes, but first you need a circle. If you don't have one, draw one with a drawing program and save it as a png file with transparent background. Import it into the timeline of MEP where you want, on to a higher numbered track. Select it and extend it to the length of time that you want. Go to effects, View/Animation, Size/Position and change the size and location of the circle. Make sure that you are at the beginning of where the effect should start. Right click on the circle object and select "Attach to picture position in the video...." and follow the instructions. It should make your circle follow the car. This is not perfect.

A better method would be to use key frames to move and resize the circle to follow the car. Read up on keyframes in the manual and look for some recent MEP Q&A's where I discussed how to do this.