The red used by the armor man suit shown in both movies is called "Hot Rod red" it's a kind of red paint.
Even the Nintendo DS had a Hot Rod red DS and well.......
Red, flames and the term Hot Rod have been marriaged together long before the 1986 TF:TM character made his debut, he is infact a homage to all those 50s and 60s hot rodding race cars. Heck long before there was 1986 Hot Rod, there was 1981 Diaclone No.21 Corvette Stingray. (Which would later become Tracks and later MORE directly Road Rage)
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Oh and by the way........ I own that DS.