That's definitely clear coat failure, the type I always referred to as "Clearcoat Fracturing" where the clear seems to have become brittle, shrunken and cracks all over. This damage is seen often when a car is parked under trees long term and is subjected to a constant bombardment of acidic tree dirt. The question that comes to my mind though is, is the white looking haze we see, oxidation on top of the failed clear, or is it between the failed clear and the base coat? I've dealt with it both ways, so until you'd get the pad to the paint for some testing, you'll never know.
If it were topical oxidation, and could be buffed to some semblance of clarity, that car would be a perfect candidate for "Optimum Polymer Technologies CCR".
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