Not quite, crc.
You need three materials.
1) Phong with low exponent
2) Phong with high exponent (same color as above)
3) Blend material of 1 and 2
The Blend material would be the one applied to the car model. It can be any color but you might want it the same as the Phongs so it looks right in the SU viewport.
It might take a lot of experimenting to get the right combination of exponents and blend factors. I guess that's what material previews are for.