I got kit a Walmart for this for less than $20. It came with the following:
- A 2 or 3" wide velcro faced attachment for an electric drill
- A coarse sponge pad for applying coarser rubbing compound
- A fine sponge pad for applying fine polishing compound
- A 3000 grit sanding pad
- A small tube of coarser rubbing compound
- A small tube of fine polishing compound
Their instructions were pretty good. I had some deep scratches (through the clear coat) in another bike I have so I went all the way down to 600 grit wet/dry sandpaper, then worked back up through 1,500 and 2,000 grit before using the 3,000 grit sanding pad included in the kit. I had a lot of scratches to deal with so I bought an extra bottle of the 3M rubbing compound. If you're patient and look very carefully at your work as you go you can totally eliminate pretty deep scratches and get back to a pure gloss surface. I used Meguiar's #7 and #2 for the final polishings, and then car wax. Nice and shiny when done. Note that the rubbing and polishing compounds fly all over the place when you use a power tool to apply them. It's pretty messy.
The drill attachment, pads and 3k grit paper with the kit from Walmart
My assortment of rubbing and polishing compounds