Are you trying to lay the type over an image of the stock car?
To create vector paths out of type objects in Photoshop, select the text layer, go to the Layers menu, click "Type" and choose "Create Work Path" from the flyout menu. Open the Paths Palette and select the new work path that has been created. Go to the Edit menu and choose "Transform" or "Free Transform" to resize the vectorized type object to the size you need it to be.
Be sure to save work paths by renaming them to something else. Every time you create a new "work path" it will erase anything else called "work path" in the paths palette.
When you're happy with how everything looks, go to the File menu, click on "Export" and choose "Paths to Illustrator" to export the paths from Photoshop in Illustrator format for use in other drawing programs or sign making programs. The paths will have no fills or outline strokes on them when imported; you'll have to apply them once you bring them into another application.