Product placement in adverts

I remember thinking a long time ago about the possibility of companies using one advert to sell complimentary products. For example, you might want to advertise a Ferrari with a Rolex. It occurred to me that perhaps this joint advertising could be done on a more subtle level, using product placement. A car manufacturer could pay Coca-Cola to have their car in the background of a Coca-Cola advert. I wonder whether this is already done.