If there's one thing I've learned from looking at automotive advertising from the 1970's, it's that the general rule of thumb was "If you're gonna use sexual innuendo to sell the product, you may as well go all out. Don't bother insinuating anything."
Reading the literature of today, you get the distinct impression that these sort of ads are demeaning, degrading and just overall unacceptable. Here's a line from an article on sex used in automotive advertising:
"I had to ask myself if this form of advertising actually helps to sell cars. As a woman, I find it offensive for two reasons: obviously women are being portrayed as sex objects that may be seen but not heard, but men should also see that their intelligence is insulted. Do they really buy into the notion that they will attract a certain type of woman if they drive a car based on the ads?"
First of all, men do not look at the ad above and literally think to themselves, "Hey, if I buy that muffler, I will have three girls fighting over my jock." That's not how advertising works. It's all about the subliminal imagery. Does this ad plant a positive impression in the male brain, a negative, or none at all? I think we all know the answer to that.
And as to whether this sort of thing is sexist and degrading - I can't really speak to that. This is a matter of personal opinion, and not an objective question. To one person, a sexy car model is a degraded female to another person she's a liberated woman.
And on that note, enjoy some more auto equipment sleaze. Enjoy!