Not for Virtuemart 1.1.x. That release has too many registration issues that it's impossible for us to add the automatic registration support to it. The 1.1 series of Virtuemart has been end of life'd by their developer. We will support our profile plugin for that version if any bugs are found, but new features for VM 1.x will not be added.
With that said, we do support the automated flow for Virtuemart 2.x and will keep adding features to that release as we see fit for our users. I'd highly recommend upgrading to Virtuemart 2.x if you want the automatic registration flow. Additionally, for shopping cart software, it's always best to be on the latest release for security reasons as well.
Hope that helps,
Alex