The outer ring of the logo may be derived from many manufacturer logos; the "D" inside vaguely resembles the central oval of the Toyota logo. The stylized "D" also resembles a penis, with the "D" proper representing the glans.
Assuming it is French, "Declasse" (déclassé with correct accents) itself means "reduced to or having low or lower status", implying that the automobiles are low-class. The French origin of the word may also be an allusion to the French origins of the real life carmaker Chevrolet. The name may also be a play on words of "Dick-less" possibly parodying the belief that men drive big cars to compensate for having a small penis.