After I rendered the blk & white tire mask I added a planar uvw mapping modifier set to map channel 1 below the bend modifier in the modifier stack (for adjusting the blk white tire mask later).
I assigned a multi-sub-object material with 2 mat slots to the tire. When using multi-sub-object material I had to assign different material ID's to the treads(groove area)(1) and to the side of the tire poly(2). The first slot in the multi-sub-object material was for the treads area (area which made contact with the ground) and the second slot was for the side area (brand and specs of the tire).
For the treads material I used a mix map for the diffuse slot. In the mix map the first map slot I just used a dark grey color. The second map slot I added a noise map with the same color of the asphalt road. For the mix amount maps slot I added another mix map. In the new mix map I added the black & white tire mask image in the first slot. The second map slot was just the color black. And for the mix amount map I used a black & white noise map to add some randomize texture to the tire.
For the side of the tire I first added another planar uvw mapping modifier to the top of the modifier stack of the tire and change the map channel to 2.