Usually that's a sign of the clear kote drying up and turning white. If it had been painted, the body shop used a REALLY thinned out clear (to save money), but in time if not kept in a garage and FED with wax on a regular basis, it can start to flake off. If your going to paint the car, you will have to strip off ALL the paint, down to the metal, to make sure the old paint does not bleed thru
. My Formula held up fine, but it was always garaged and waxed every month to put the OILS back into the paint.