In the story Buddy believes his red bike is the best and fastest on the block until he loses a sidewalk race to a kid on a blue bike. Thinking blue, not red, must be the color of the best and fastest bike, Buddy, with a little help from a scruffy dog, hurriedly paints his bike blue thinking that color will make him the best and fastest bike on the block only to lose a sidewalk race to a different color bike causing him to repaint, changing bike colors again and again.
After losing several more races to several more different color bikes and repainting his bikeseveral more times in his attempt to be the best and fastest on the block, Buddy realizes it isn't color of the bike or the rider that makes one the best.