Ok,
I found out after searching on Alias newsgroups at google, I that other users where almost asking the same question, with the answer that you can not bake reflections, specular color, or bump maps. Nevertheless, some users say that you can use the environment ball as a workaround and map an image to that. In addition, they also said another trick you could do is to render out your scene in mental ray to save the reflection of that scene and then map that onto the environment ball. So with that being said, my next question is this...

If I would like to render the reflections and specular colors of my scene, so that I could use that as an environment map, then what would be the best way to make an environment map in Maya. Meaning, should I just create a dome and have the car reflect onto the dome, or should I render different angle shots, and if I should render different angle shots, then what angles should I set my camer to?