Yes, yes it does.
If you’re only going to be doing future in car/on car video’s, I’d seriously look into the market for stand alone cameras that do just that, as the GoPro mentioned.
If you’re planing on doing any other types of video, or shooting anything else at all, any entry level Camcorder with a miniDV type will do wonders. Prices are rock bottom right now, and you can get a very high quality camcorder for just a few hundred bucks (cost of the GoPro) plus you’ll need a mount however.
If you’re going to just be doing other occasional footage, I’d like into a new mount for the point and shoot like you mentioned.