Bowling ball polish never contain silicones or wax. Most car polishes do.
I doubt if Ultimate's Black Magic Polish is similar to any car polish.
I like Storm's Xtra Shine better than Black Magic and they are also not similar.
Brunswick used to recommend automotive polishing and rubbing comounds to polish bowling balls. As long as they say they do not contain waxes or silicones,they should be ok. You should really use a bowling ball specific polish.
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"None are so blind as those who will not see."