When it comes down to racing titles of the 16 bit era F-Zero is probably one of the top games that comes to mind.  The utilization of Mode 7 in F-Zero along with fast paced gameplay and colorful graphics made this game addictive.  Not to mention the soundtrack for F-Zero is quite possibly the best in terms of tunes from the 16 bit era.  

As successful as the first F-Zero game was for the SNES some wonder whether or not Sega could have made a racing game similar to that of F-Zero for the Master System or the Genesis in the early 90’s.  If so it probably would have difficult to pull of since Mode 7 was a feature that was exclusively on certain SNES games.  Also, the racing genre of gaming was something that the SNES seemed to have more success with versus the Sega Genesis back in the 16 bit era.