This usually take place in After Effects or Digital Fusion. It is easier to create the reflection on the car through masks and reversing the reflection. You will have more control over the reflection than trying to do it in Lightwave.
In Lightwave you would have to load an image sequence and make sure that it is set to sequence when loading. This will give you an animated texture.
Personally, I would create a mask in After Effects using a Solid and then apply my reflection to that.
Glen
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