I don’t know where you got that specific definition, but that’s not it. Ricing is a catch all for doing modifications to a car that look bad (e.g. underglow, flashy spoiler, double rear wheels) and is subjective and changes with time and tastes.
The term you’re thinking of is itasha wraps (痛車, literally “painful car”) which could fall under ricing, but no, whoever told you that’s what that means is wrong.