Hmmm. I, too, always thought "cc" referred to cubic centimeters as in motorcycle engines. I do like Gary T's explanation though, as the song seems to be about moving on--but in this case, I do believe it refers to engine size although a motorcycle is not mentioned in the song...
Elvis did a version (earlier, of course) called "See See Rider" and lyrics can be found here: Click here These lyrics are very similar to Mitch Ryder & The Detroit Wheels' version, called "CC Rider."
By the way, the lyrics site that link will send you to is pretty lame, with a lot of mistakes and not a lot of selection on pop songs...just thought I'd warn you.
Have to go get that from Napster now... ha!