To overtake someone is to come from behind them, catch up to them, and pass, or go in front of them.
Ex: We were following behind our cousins in a white van, and were able to overtake them as we passed the shopping centre.
Ex: You should not try to overtake a big truck as it's going down a large hill. It has more weight and travels downhill much faster.
Overtake can also be used figuratively. It means to become greater or more successful than someone else.
Ex: Leonard studied hard all year and finally overtook Karen as the top student in the sixth form last month.
Ex: Japan overtook the U.S. in automobile production in the 1990s and is now one of the top three auto producers in the world.
To skid is to slide after stopping or turning too quickly. A car can also skid on wet, snowy or icy roads. Sometimes an oily spot on a road will make a car skid.
Ex: Matt's car skidded to a stop in the middle of the junction when he slammed on the brakes to avoid hitting a turning car. The tyres made long tread marks on the road.
Hit the skids is an expression often used in a figurative sense to express the idea that someone's life is not going well; they are going through a difficult time. It could be in their business or personal life.
Ex: Patty's life hit the skids after her business failure and she was never able to get back to the same level of success again.
Ex: Jonathan became depressed and his career started to hit the skids after his company laid off a lot of its workers.