I'm kind of a youngyin so might be common knowledge to most but for those in the sideways wearing hat era (not the greatest mark on my generation btw, not a fan) here's where the racing colors came from;
https://www.bmwblog.com/2009/04/13/history-bmw-m-logo-colors-explained/
https://www.bmwblog.com/2009/04/13/history-bmw-m-logo-colors-explained/