After nearly eight years, I can post the definitive answer to this question.
"Friend Named Red" by Brian Shaw on RCA Victor 0230 reached #50 on Billboard's country chart in 1974. The complete lyrics are:

I always wanted a friend named Red,
A girl named Mary, and like I said,
I always wanted a two-tone Chevrolet;
And I never had any girls at all,
And all my friends are named Jim or Paul or Dave.

One day in my favorite café,
This dream in front of me says, "What will you have today?"
And the name written on her dress said "Mary"
And I knew I had to get to her some way.
I knew I had to make her mine.
I moved right in. I didn't waste no time,
And soon I had a gal named Mary,
And Lord, she treats me mighty fine.

I quit my job and went to work instead,
Driving diesels with a man named Red,
And me and him were friends within a day;
And the money was high and the troubles were few,
And soon I had myself a two-tone Chevrolet.

And Mary ran off with my friend named Red.
Seems she decided she loved him instead,
And she wouldn't listen to the things I had to say;
But I didn't realize till they'd already gone,
They'd run off in my two-tone Chevrolet.