I am trying to make a racing game, and I am trying to create a AI vehicle that travels to a way-point, on a oval track, with slight turning, then turns some more, and then travels to a way point, etc. How would I go about doing this?
You can use path finding. Try this tutorial and you will how to do that
Lordshiva1948 posts a really good example, but if using the pathfinding behaviour is not your thing, I made a tutorial specifically for this problem. Go check out my AI Racer tutorial here : https://www.scirra.com/tutorials/1051/bite-sized-game-development-basic-ai-for-top-down-racing-games
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Car AI demo, which uses rex_LJpotential.