The Black power source is auto-switching. It only turns on once it detects ~13V, which occurs once the engine is running. The power source will turn off once the battery voltage falls below 13V as well, so it can be connected to the battery (behind a fuse of course), or an always on auxiliary outlet on your bike.
The Red power source is always on. It does not have a voltage sensor and will always provide power, if there is power on the input side. The Red power source is meant to be connected to a switched circuit (after the ignition). Most modern bikes have auxiliary power outlets, which switch on after the key is turned, or the engine is started.
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