Looking to gather multiple inputs for different people and store in a dictionary

What you have so far could be made much less complicated:

favcolor, favcar = False, False

while not favcolor:  
    favcolor = input("Please enter favorite color: ")    
while not favcar:
    favcar = input("Please enter favorite car: ")

print(f"Your favorite color is {favcolor} and your favorite car is {favcar}")

Did we not cover dictionaries already?

edit to add:

Yes; it’s right here:

So, how do you think that you could apply what you learned there, to what you need to do here?