If you entered the code correctly, you will hear a sound. You will start career mode with an extra $200. When 'Press Start' appears at the title screen, press Up(3), Left, R(3), Down. Note: This code has no effect if you have already started a career.
When 'Press Start' appears at the title screen, press Left(2), Right, B(2), Right, L, R to start career mode with an extra $1,000 and get the Mazda RX-8 and Nissan Skyline in quick race mode.