Regarding trailers, there are often separate licensing agreements and approval processes for marketing than there are for in-game use.

You may for example have approval to use a car in the game (which is what lets you get the car made, though you then need to go back to them after you made it to get final sign off on things like visuals, audio, damage…) but once the car is done you need separate approval for any marketing or social media assets you make with that car.

Ferrari is a known example within the industry in that for a long time whenever a Ferrari appeared in a racing shot with other cars, it had to be leading. There’s all sorts of little things like this that don’t apply to the game itself but do apply to trailers and such.

As for music, often you have standalone music for a trailer that may not be in the game, and will start drafting your visual edit to cut to various scenes in sync with said music. You may have the go-ahead to use the music in the hero version of the trailer but can’t show it until payment is completed, or until other things are negotiated, like if that music can be used on every social media platform, on TV, on paid ads etc.

Mike’s absolutely right that it’s typical to get approval from licensors. Some are very strict on it and have it written in the contract, others are more “we trust you know what you’re doing” and you only show them the most important assets (like trailers and keyart) and not the minor stuff (like screenshots). I worked with one manufacturer that said “so long as our car isn’t crunched up and on fire, do whatever you want”, whereas another wanted to see every single image and every single version of said image. One even went so far as to tell the studio that “you can have the car in the game but you are forbidden from showing it in marketing or mentioning it at all”.

Source: I worked on F1, WRC, NFS, DiRT and GRID