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Indirectly, kinda yes, using auction house. They go to auction house and start searching for offers by your gamertag. You drop car at minimum price, cross fingers, and if your buddy is fast enough he will buyout car before someone else does.
If you want to send him money back (for example he bought car that can't be listed for less than 2mil), he lists some normal car at outrageous price, and you buy it from him. My fav for this is BMW M3 2008, costs 48k but can be listed all way to 12mil).
Note that some cash is lost in every transaction.