Thread:RR3 Michael P/@comment-27893456-20160302222819/@comment-25956839-20160302230203

Livery is another word for a custom paint scheme (Customize > Paint), normally a livery includes badges, such as a team name, or advertising.

For example the livery for the DB9 has Real Racing 3 advertising:

For more information on customisation this page or blog:
 * Customization
 * User blog:Topcon/Lessons in customization

I hope this helps.