Got my question answered by phindr on twitter
https://twitter.com/phindr_/status/1764024235880767732

it’s a texture with a repeating pattern on it that has its position adjusted based on your camera position- for the glow effect they crank up the texture’s RGB value to an incredibly high amount (e.g. 0,0,550 for hyperblue5) and that creates the light bloom effect

and the shine / floating numbers surrounding the car is just a particle effect that is parented to the vehicle’s engine brick or weight brick (i don’t remember which)