From what I know a former Upper Deck guy brought the idea of creating subsets, and rare cars to Mattel in 1994 and it was instituted in 95. First Editions being like Rookie Cards, Segment Series cars being like a subset or team collection and treasure hunts mimicing the rare cards like JErsey and signatures. All cars were numbered sequentially so you could collect an entire set or a specific subset much like baseball cards.

I think White Lightnings came first but Mattel's program was bigger and easier to follow though I like how the White Lightning is unknown to the consumer and thus the stock boys. I think while far less produced there are more White Lightnings getting to the true collector then there are Treasure Hunts rung up at the register by HW fans and not scalpers and vultures trying to flip a quisk buck.