It is important for every business to have a vector version of their logo in order to successfully market themselves. Ideally you would have both a vector and a raster version of your logo as they are both important in different ways. However, in general, the vector format is the favored choice for logos as it gives you the most flexibility. This is especially true when doing any kind of large format printing such as banners or vehicle wraps.
This is due to the fact that raster images have more restrictions and limitations then a vector file. With a vector file you have complete control and access to manipulate the file as needed. With a raster image, if you are lucky and the file is not flattened then you have some ability to manipulate the different objects, if it is flattened then you cannot manipulate the image. With a raster image, you are also limited in how big you can make the logo. The original size and resolution the file was created at, will dictate how big you can make the logo. Whereas a vector logo is not limited by these factors.
Also if your logo has some really cool elements that you want to separate from your logo and incorporate in your design, vector format allows you to easily do this.
For example, say you want to use this cute little elephant really big on the back of your vehicle wrap, if its vector no problem. However in its current flattened raster state, huge problem.
Or say you logo has a element you want to step and repeat in the background of your wrap like the ornate decoration around the b in this logo. Again vector easy no problem. Raster not so much.
Like I said raster and vector logos both have there place and purpose, but for wraps especially a vector logo is the key to a good wrap.
I will leave you with on final word. Vector images can be rasterized, however, raster images can not become vector images. Once something is rasterized its a raster image for good.