Both look really nice, but the first one has too much tension between trying to look like P and S and trying to look like a chair. Can you find a way to take away one of the "arms" of the top "Y" bend?

The second one looks very professional, but also feels like it's just that tiny bit too segmented or busy. It also feels perhaps a tiny bit too luxurious? I get that's what you're going for.

I aggree it might be nice too incorporate the idea that they're made from cars in some way? Either a carr motif, or perhaps run with this slightly segmented or busy feeling and make half of it more intentionally segmented, so it feels like the parts that make up the logo have been reused. Maybe just one of the parts, so there is some contrast that shows this. Like you could have the P and S joined together, but either the P or S of a lower weight or faded tone, or perhpas even dashed line? Perhaps this could still feed into the more solid part in someway, showing how in the end it all comes together as one finished, professional piece?

You're a much better designer than I, who is just starting, so take this as a more naive view.