It appears to have an I4 decal on it.
It is not a colorized black and white picture.
They did indeed have color film back then.
Especially the war department.
And if it is an early production I4 sometime in 1940, it could be over two years old by the time that picture was taken.
Zipping around 50% all day seven days a week on new not yet worn concrete the tires of the time would not last long, especially the fronts.
And they apparently came in red too:
