Thanks for the replies :)
The effect is probably a tad overdone. The initial reference photos I found had a coverage similar to this, so that's what I went with. Going through a fresh round of references, I think I'm going to re-do the ffect with a slightly lowered coverage, and having 2 separate layers of mud. An inner dried layer, and a fresh wet layer lower on the truck. I think that might sell it a bit more.
As for the effect itself, it's made using only materials on an instanced group of the outer geometry. I basically took the outer layer of the car + parts (headlight glass cover, plastic covers etc), and instanced them. I then applied the mud material on this group, using a the blendedboxmap to wrap the entire thing correctly. The front/back of the car share a splatter texture, and the sides share one too.
This gives me even control over the texture placement over the entire model, as opposed to having to hook up the blendedboxmap to several separate textures for plastic, glass, chrome, carpaint etc.
The mud material is basically a brown wet material, masked out by a splatter texture (made in PS using splatter brushes), and a noise map for displacement. The carpaint material also has a dusty/dirty layer that fades in on the lower parts of the car.
The tires also have an instanced model of the themselves with a mud material, only using different blend textures/methods.
I'll post an update once I get the dual mud layer working :)