From Wiktionary, the free dictionary
When a car or similar vehicle bumps into or scrapes another car, some of the paint may come off.
trade paint (third-person singular simple present trades paint , present participle trading paint , simple past and past participle traded paint )
make physical contact between two motorized vehicles while driving
1971 , Hot Rod , volume 24 , Trend, page 38 :Petty kept his place at the the[sic ] pack, and Allison traded paint with Isaac.
1997 , Leila Hadley, A Journey with Elsa Cloud , Books & Company/Turtle Point, →ISBN , page 500 :Then the bus is gone, juddering past us by such a narrow margin I feel we have “traded paint ,” as Robert would have said.
1998 , Shaun Assael, Wide Open: Days and Nights on the NASCAR Tour , Ballantine Books, →ISBN , page 301 :John Andretti was in front of Sterling, who cared no more for John than Bobby did. How long before they traded paint ?
2001 , Triumph, Dale Earnhardt: Remembering the Intimidator , Triumph Books, →ISBN , page 37 :He and friend Jeff Gordon "traded paint " at one point during the race. And then there were several instances when The Intimidator nudged rookies Ron Hornaday and Kurt Busch.
2005 , Road & Track - Volume 56 , CBS Publications, page 160 :Not since the 1970s when the best drivers from America traded paint with the elite of Europe have we seen a more remarkable display of driving.
Used other than figuratively or idiomatically: see trade , paint .