have you gone back and watched any of the old knight rider?
disregarding that it hasn't aged well, the concept works if that's the concept. but wouldn't really work if the concept was supposed to include transformation.
All hail K.I.T.T - don't be dissing the awesomeness of the black pontiac firebird Trans-Am and his annoying comedic sidekick - that show was AWESOME! Still pretty funny to watch today and despite the bad handling I'd STILL own one given the chance.
Team Knight Rider was awful and if I remember correctly NOT endorsed officially by Glen A Larson, unlike the more recent version which was endorsed and thus kind of utilised elements referencing the original (including Peter Cullen as KARR - who ridiculously did transform - Nemesis Prime voice and all) although too slow and disjointed to actually develop beyond a first season. Also didn't help they couldn't get William Daniels and went for the more robotic sounding Val Kilmer.
Back on topic however, I don't see why they couldn't do a Transformers TV show. To be honest as much as I'm not a fan of the Bee - the whole "boy and his car" fighting alien foes/decepticons/plain old human bad guys trying to obtain alien tech/etc scenario with Bumblebee would work.
The car spends most of its time in vehicular form only transforming periodically to assist the boy when he gets in trouble or for the odd humorous interlude. Surely in this day and age they could get away with that like Agents of Shield and Supergirl do. Special effects aren't as obtusilvely expensive as they were back in the 80's and 90's.