Luxury car missing second wheel (4)
I believe the answer is:
roll
'wheel' is the definition.
('roll' can be a synonym of 'wheel')
'luxury car missing second' is the wordplay.
'luxury car' becomes 'rolls' (I've seen this before).
'missing' is a deletion indicator.
'second' becomes 's' (common abbreviation).
'rolls' with 's' taken away is 'ROLL'.
(Other definitions for roll that I've seen before include "Schedule" , "Sound of a drum or a list of names" , "start recording film" , "Swell" , "Continuing success if one is on this" .)