It was, all the Fender Custom Colours (sorry, Colors!) were based on car paints, mostly General Motors, although many of them did not retain the original names.
Fiesta Red was from the 1956 Ford Thunderbird. A recent colour called sunrise, introduced on the Ka three or four years ago, is very familiar.
See here for a detailed discussion on Fender Custom Colors:
http://www.guitarhq.com/fenderc.html