Yes it’s possible, but not directly by setting values and walking away. It can be simulated, though. Something like calculating the g-force invoked (direction * speed * scale for example) and setting the wheel friction accordingly. So if you turned full lock at 180mph you would just keep going forward. If you gave the rear wheels less friction than the front you would “skate” sideways. It begins to get complicated from here. Torque for example. FWD vs RWD vs 4WD vs AWD.
Bullet provides all of the necessary ingredients but you have to abstract things away into components. A gearbox, an engine, a tyre, etc. Engines have torque graphs where they have the most “oomph” at certain revs.
You can make a full-on simulation if you understood the maths.
If you gave the front wheels slightly more friction than the rear and scaled the friction down as the speed increased you could probably just fake a quick demo with a few lines of code.