Shown in this photo is degradated clear coat on a conversion van.  Conversion vans are often re-painted to add graphic designs over the factory applied paint system.

The use of substandard refinishing materials will often produce this condition. 

Causes of condition:

* Insufficient ultraviolet ray blockers in clear coat
* Insufficient film build of clear
* Inferior resin system in clear
* Surface was wet sanded and buffed removing in excess of .3 mil of clear
    coat allowing UV's and environmental contaminates to attack and break
    down the resin system
* Excessive heat was generated during the buffing process

The repair for this concern requires stripping the panel and refinishing.  Compounding and polishing will not correct the concern.