That's the trouble with having an early night! When motorsports began each country was allocated a colour.. The UK had green...hence "British Racing Green".. The French had blue.. Italy were given red!
Interesting about the red, however there might be a little dispute about the prancing horse. The way I heard it was that dear old Enzo used to be ground crew to Count Francesco Baracca an air-ace of WWI. After the war Enzo went into racing his Ferrari's and Franc's mother asked Enzo to use the Cavallino Rampante crest for luck as a personal favour in honour of her dead war hero son. The original horse was red on white, Enzo painted it black in memory of the tragically killed pilot on 'Modena Yellow'.
Before that the good Count had painted this on the side of his aircraft out of respect for a German pilot he had shot down after a long and grueling dogfight. The German pilot is said to have come from Stuttgart whose crest is . . . a prancing black horse on a yellow background.
As it happen another sports car also comes from Stuttgart and sports a prancing black horse on a yellow background . . .