Refers to car tyres that are completely without tread or bald. Kojak was a popular TV character from the 1970's played by the actor Telly Savalas, who was completely bald
Some Guy#1 "Is that the Law up ahead? Hope they don't pull me over 'cos my tyres are like Kojak Radials!"
Passenger " I'd be more worried about the fact that you just stole this car, you twat!"