Can mean a car (just say a fucking car then) but a whip is something used to lash something or someone, typically leaving marks and welts, bruising may also occur
Slaves where whipped when they disobeyed their owners
Originally the OG Whip was the way a pimp kept his women in the fold. Later expanded to mean any man with a high status car he used as a tool for seduction to keep a woman interested or "whipped".