I have to admit that it took me a while to get used to this, but it is entirely physically accurate - we don't use fake shadows or mask sunlight by ambient occlusion, which often hides this 'effect'.
Under strong lighting conditions and from the right angle there won't be a shadow visible beneath the car. To show this I took a car out into the Evo car park, parked it so the sun was from directly behind and held a camera up in the air at similar angle to the chase camera.
Nothing is faked or baked in this image either

Number plates have been obviously obscured though.