Red is the ultrasoft pad of the 5.5in CCS range, here in a bright red foam with deep dimples across the face and a black hook-and-loop back. It is the last step, after black finishing and blue final finishing.
Red is the wax and sealant pad. Lake Country says the soft foam is firm enough to keep most of a liquid wax or sealant on the paint instead of soaking it up, and that it has no cut or cleaning ability.
The pad is 5.5in across and 1.25in thick (140mm x 32mm), for rotary and dual action polishers. CCS stands for collapsed cell structure: the dimples on the face are pockets of closed foam cells that do not soak up polish, so more of it stays on the working surface. Lake Country lists slower polish absorption, better control, less pad skipping and less heat.
More in Finishing Foam Pads and from Lake Country.