It just looks chalky and flat finish. It's caused primarily by the sun and polutants in the air (smog, acid rain, etc) that hit the horizontal surfaces first. The top layer of the paint dries up and has to be sanded or polished off. Fixing it depends on how long it's been let go, exposure to the sun and the quality of the original paint shop. If it's badly oxidized, you will like get the best results going over it with a wool pad on a rotary but that requires skills so wet sanding with 2000 grit maybe easier and cheaper for you. Then, using a PC and a medium grade polish like Meg's #83 you can polish the sanding marks off and bring up the shine. Then wax it and keep up the wax maintenance to prevent it from happening again.