Colour of small runabout perhaps on lease (7)
I believe the answer is:
scarlet
'colour' is the definition.
(scarlet is a kind of colour)
'small runabout perhaps on lease' is the wordplay.
'small' becomes 's' (abbreviation - e.g. clothes size).
'runabout perhaps' becomes 'car' (runabout is a kind of car).
'on' says to put letters next to each other.
'lease' becomes 'let' ('let' can be a synonym of 'lease').
's'+'car'+'let'='SCARLET'
'of' is the link.
(Other definitions for scarlet that I've seen before include "Crimson" , "immoral" , "Red colour of clarets" , "Cherry-red" , "Vivid red" .)