In 3Ds Max you apply gMotor shader for the road surface that has assigned cube map. Cube Map T1 would be the simplest one. I think that should do it I have never done tracks in 3DS Max, but they do use same materials and shaders than cars which I use to do.
Thanks, i'll add that to tutorials in SimTrackipedia The same technic is used in Race as well, if anyone knows any difference tell but i know that GTR2 rain reflections can be copied directly to Race.
I put this together a while ago, but its not finalised, it uses blender and simed with btb to make wet tracks for rfactor, I think a similar theory applies to Simbin.
It works alongside Alex's wet track tutorial and follows a similar process. BTB Wet Track Tutorial