The Racing Series is an alternate universe:

1- It belongs to COOKIE JAR. Brian Ward confirmed so.
2- The origin/backstory is different: Mayhem was a co-partner of Matt Trakker and they created M.A.S.K. together. Then, Mayhem created V.E.N.O.M. to compete with M.A.S.K. An origin slightly similar to the comic book which accompained the early toys, not the original cartoon series where MASK and VENOM are totally unrelated.
3- MASK is a race team, not a secret, anti-terrorism organization supported by PNA (Duane Kennedy).
4- VENOM is a race team, not a terrorist squad with OBVIOUS criminal past and "social status".
5- MASK agents have no secret identities nor civilian jobs.
6- No mention of the "past" Season 1 adventures, no continuity-related cohesion with them anyway (read the points above).
7- New masks with silly powers, not designed to fight terrorist actions. Shroud, Eclipse, Totem.
8- Mayhem's... twin brother.
9- Brad Turner, Dusty Hayes, Clutch --- their lives and MASK functions are different.
10- 10 episodes, not even a full 65-episodes season. Screams alternate spin-off.
11- More importantly: in the Racing Series the VENOM helmets are as much powerful as the MASK ones, if not more (see Powerhouse/Samson and what it does). In the original series, the MASK helmets were much more powerful because charged via Trakker's ancient crystal, which generates an incredible and unlimited amount of (mysterious) energy.

About poor identity covers:

I still don't understand why:

1- Alex Sector wears the same civilian suit/clothes as Megabyte, and his hands are not covered by gloves at all (remember: fingerprints). This is extremely poor identity cover. Jackrabbit is a half-face mask, so that's even more risky.

2- As Magic, Bruce Sato doesn't wear gloves too. Again, that's pretty dangerous, given the fact VENOM could record his fingerprints and discover his real (civilian) identity.

3- In his RHINO and VOLCANO Hunter uniforms (let alone the Coast Patrol suit), Trakker has no gloves. Surprising.

About DVD releases:

UK Lace sets suck. Video has a lot of telecine judders.
German sets are very good.
French sets are very good.
Australian Madmen sets are very good.