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The stuff I used was gel type, never used before, but did fail to wipe off excess, but didn't drive it till the next day. Thanks
Maybe I am wrong here, but if it were the tire dressing, wouldn't that be globs of tire dressing slung in the wheel wells and maybe a little behind each wheel- not the black powder you described in your original post....
If you were crazy enough to put enough tire dressing on it would sling off in the first 100 feet of driving and you would see the oily mess on the side of the car.
I dont like the idea of spraying cold water on hot rims/rotors due to the potential of warping/cracking them (I would be more worried about the rims due to the cost).
I would jack up the car - one end at a time and put the car in neutral with no breaks on and see if the wheel(s) are hard to turn and listen for the pads rubbing on the rotors. Usually if only one caliper is stuck/defective you will feel the car pull one way and smell the brake pads. I guess you could possible have a problem with both rears dragging (if thats the case check your emergency brake as well).
Did you notice any odors like the brakes when you were on your cruise. If not I bet its road dirt.
I had a similar problem with my Red C4. After driving home from Amish country in Pennsylvania the wheel wells and side of the car were somewhat brown. And they stunk like Sh**. Probably
from the piles of what the Amish hoarses left in the road.