Basically. Spotting central is actually Carmel, which is a bit south of Monterey. Here's Carmel, with an oval around where you'll find stuff (Ocean Ave is the main drag, where you're most likely to see cars driving):
Also, check the hotels. Like, all of them. Even the cheap ones. But especially the resorts in Pebble Beach (Spanish Bay, Casa Palmero) and in Carmel Valley (Quail, Carmel Valley Ranch). Also the Hilton and the Hyatt in Monterey (Italian Stampede stays at the Hilton, and last year I saw the Mansory Veyron at the Hyatt).
Do you know what days you're going? I might have an idea of what events you'll want to go to.