This slipped my mind until now, but here's the chrome effect I did on the templates for the upcoming ASCC season, using two stock images from Textures.com. Yes, I know these aren't actually of a race track.
I stretched the scenery to create the distorted reflection look. The scenery is wrapped around the rear of the car, in an attempt to blend the two images together. It looks bad but it's not meant to be examined that closely.
For the sky, I picked a blue from the images and covered the entire top half of the car with it, especially paying attention to the splits on the template. This was then dotted with clouds, and a big sunspot was placed over the roof. The layer is also faded quite a bit, but anyone who would want a more reflective look can play with filters and blending modes to crank it up.
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Here is the effect on a base color, at 100% opacity (it's 25% by default when you open the template) and the Overlay blending mode.
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This is very much a beginner's way to achieve this effect, but I hope it helps.