Arcade Physics
Because AVS is based on Unreal's physics engine, there is no predefined way to make your vehicles arcadey. It's all about finding an adjusting settings until you get the feel you are after. With that said, here are some tips to get you started.
Increase the friction used for the physmat on your wheels
The increased traction will make you accelerate faster, and make turning snappier
Adjust your steering curve and speed to be more responsive
Lower the vehicle center of mass (there is a special component included for this)
Typically you'll want your center of mass just slightly above wheel height for a good arcade feel. Having it below the wheels will make the vehicle tilt the wrong direction while steering, but will prevent it from flipping.
Set a high max torque for each gear
Lower the vehicle weight (Mass on VehicleMesh)