While I would like any Jeep to be Hound (regardless of Bay's colour-switching habits) I don't think this particular vehicle's set-up really suits Hound at all. If he were a military Jeep, then that would be far more suitable. Hell, even if he were a Humvee, or a little Dune Buggy (think Dune Runner) I'd be happy.
But yeah, add my voice to those who've already said "WTF is with all the red?" They avoid it in the first movie because it's hard to film, meaning Ironhide gets a colour swap (I never really disliked Optimus' new look) and then in the second one they did the same thing to Sideswipe... and now they are adding two red vehicles...
Well, my guess for this Jeep is still Hound, even if it's way off. Second guess would be Trailbreaker, so it's as though he and Ironhide swapped paintjobs. Just for the lulz, I think the Ferrari will be Tracks, because:
1) Red is the polar opposite of blue (or so says I.)
2) They made Sideswipe (originally an Italian car) into an American car, so it makes 'sense' that they would make Tracks (originally an American car) into an Italian one. BALANCE!